NB省新法规出台

[SIZE="3"]The New Brunswick government has introduced legislation to implement a list of tax reforms announced by the finance minister last month.

The reforms will see personal income taxes reduced by [COLOR="red"]$124 million [/COLOR]in 2009-10, while businesses will get a break of about [COLOR="Red"]$20 million[/COLOR].

For individuals, the current four-rate, four-bracket tax structure will change to a two-rate, two-bracket structure by 2012.

By then, people making less than [COLOR="red"]$38,000 [/COLOR]a year will pay a tax rate of nine per cent, while those making more will pay a rate of [COLOR="red"]12 per cent[/COLOR].

The general corporate income-tax rate will be reduced from the current [COLOR="red"]13 per cent [/COLOR]to eight per cent in 2012.

Effective Jan. 1, 2009, a company can make up to [COLOR="red"]$500,000 [/COLOR]a year and be considered a small business - a move that's expected to save businesses about [COLOR="red"]$1 million [/COLOR]in taxes.

As well, the plan improves the province's tuition rebate program for university graduates who work in the province. [/SIZE]

[SIZE="5"]The changes double the maximum lifetime rebate from[COLOR="red"] $10,000 [/COLOR]to [COLOR="red"]$20,000[/COLOR], and the maximum annual rebate from[COLOR="red"] $2,000 [/COLOR]to [COLOR="red"]$4,000[/COLOR]. [/SIZE]