NB 1754
Dec. 30, 2005
FREDERICTON (CNB) - Effective Jan. 1, 2006, all provincial personal income tax brackets, personal non-refundable credits and low-income tax reductions will be adjusted by 2.2 per cent, Finance Minister Jeannot Volpé has announced.
"The indexation is an initiative that the government introduced to protect New Brunswickers from the impact of inflation on personal income taxes," Volpé said.
In addition to full indexation of the New Brunswick provincial personal income tax system, the government's Prosperity Plan includes a commitment to continue to reduce personal income taxes to reward success and help recruit and retain highly qualified people to invest, work and live in New Brunswick. Since 1999, personal income taxes have been reduced by more than 10 per cent.
"As a result of personal income tax relief measures provided to date, New Brunswickers currently enjoy the lowest provincial personal income taxes east of Ontario," Volpé said. "Since 1999, individuals and families have benefited from cumulative personal income tax relief of $608 million. In 2005-06 alone, New Brunswickers will realize savings of $137 million."
Information on the New Brunswick personal income tax rates and brackets is available at http://www.gnb.ca/0162/tax/Personal.htm.
05/12/30
MEDIA CONTACT: communications, Finance, 506-453-2451.
05/12/30