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Taxation 2011 Corporate Income Tax Rates The Province of New Brunswick has taken an aggressive approach to attract more business to the province by significantly lower taxes for businesses by: - Lowering the general corporate income tax rate from 13% each July 1st until the rates reaches 10% on July 1, 2012 - matching the lowest rates in the country
- Increasing the small business limit to $500,000
Provincial Tax Rates | Income up to $500,000 | Income greater than $500,000 | 5% | 12% | Federal Tax Rates | Income up to $500,000 | Income greater than $500,000 | 11% | 18% | Combined Provincial & Federal Tax Rates | Income up to $500,000 | Income greater than $500,000 | 16% | 30% |
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Employment Insurance (EI) Premium Rate and Maximum New Brunswick corporations have to deduct EI premiums from insurable earnings they pay to their employees. As an employer, your EI premium is 1.4 times the EI premium withheld for each employee. Premium rate | 1.73% | Maximum annual insurable earnings | $42,300 | Maximum employee contribution | $731.79 | Maximum employer contribution | $1,024.21 |
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Canada Pension Plan (CPP) Contribution Rate and Maximum New Brunswick corporations have to deduct CPP contributions from the amounts and benefits that they pay or provide to their employees. In addition, they must contribute the same amount that they deduct from their employee’s remuneration. Employee contribution rate | 4.95% | Maximum pensionable earnings | $46,300 | Annual basic exemption | $3,500 | Maximum employee contribution | $2,118.60 |
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Source: Canada Revenue Agency Employer’s Guide: Payroll Deductions and Remittances |
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