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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