New Brunswick Bill 60 received Royal Assent on May 5, 2017.
Bill 60 contains measures that were announced in New Brunswick's 2017 budget. The bill reduces the New Brunswick small business tax rate to 3% (from 3.5%), effective April 1, 2017. It also reduces the New Brunswick dividend tax credit rate for non-eligible dividends to 3.245% (from 3.5%) of the taxable amount of the dividend, effective January 1, 2017. As a result, the combined top marginal rate for non-eligible dividends for New Brunswick will increase to 46.25% for the 2017 taxation year.
Bill 60 is considered to be substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on March 28, 2017, the day it received first reading (as New Brunswick has a majority government). Bill 60 is considered enacted for U.S. GAAP purposes as of May 5, 2017, the date the bill received Royal Assent.
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Information is current to May 16, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500.