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New Brunswick taxes down, license fees up

December 26, 2009 at 11:27 AM

FREDERICTON—Taxes are going down for New Brunswickers, but fees for popular activities such as hunting and fishing are going up.

On Jan. 1, tax brackets and non-refundable amounts for personal income tax will be indexed by two per cent.

“Combined with lower personal income tax rates, New Brunswick individuals and families will experience significant personal income tax savings for the 2010 taxation year compared to 2008, due to our lower tax plan,” said Finance Minister Greg Byrne in a news release.

He said New Brunswick’s four-year plan for lowering taxes will provide $258 million in tax savings in 2010-11 and a total of $380 million in savings over four years.

According to figures released by the Finance Department, a single earner with taxable income of $15,000 will not pay any personal income tax in 2010.

A single earner with taxable income of $25,000 a year will save $376 in 2010 compared to 2008. A single earner with a salary of $60,000 a year will save $1,039.

A one-earner family making $25,000 a year will pay no provincial income tax, a savings of $219 or 100 per cent of the tax paid in 2008.

A one-income family that brings home $40,000 a year will save $742 compared to 2008.

According to the government’s tax reduction plan, indexation helps protect taxpayers from the impact of inflation on personal income taxes.

The indexation rate increases personal, non-refundable credit amounts such as the basic personal amount and the spousal amount, in addition to the income tax brackets.

For 2010, the increase in the national inflation rate is pegged at 0.6 per cent, but the plan provides an indexation rate of two per cent.

“This ensures that taxpayers receive significantly higher savings,” it states.

The province’s general corporate income tax rate will be reduced to 11 per cent July 1 and reduced again to 10 per cent July 1, 2011.

It’s scheduled to f all to eight per cent July 1, 2012, which should make it the lowest in Canada and one of the lowest of participating countries in the Organization for Economic Co-operation and Development.

But not everything is falling.

Earlier in 2009, the New Brunswick government announced many of the fees for hunting and fishing licences are going up Jan. 1 to bring in an extra $561,912 in revenue for the government.

There are many different classes of resident and non-resident hunting and fishing licences.

For example, a Class 7 resident salmon angling licence is going up to $26 from $20.

The daily fee for a regular Crown reserve licence for Atlantic salmon is climbing to $46 from $35.

A resident varmint hunting licence jumps to $9 from $7 and a resident bear licence is going up to $37 from $28.

Licence fees for deer and moose hunting and fur trapping went up in June.

Other government fees are also going up.

Many of the mining and prospecting fees under the Mining Act also go up Jan. 1.

For example, the prospecting licence fee for a person will be $100 after Jan. 1, compared to $25 in 2009.

The prospecting fee for a partnership is going up to $200 from $50. The fee for a corporation is going up to $500 from $300.

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