Tax Credits

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Tax Credits

Provincial Research and Development (R&D) Tax Credits

The New Brunswick Research and Development tax credit is 15% and is fully refundable. This tax credit will be applied to Scientific Research and Experimental Development expenditures as defined by the federal Income Tax Act.

Provincial Sales Tax Rebate

New Brunswick has combined its provincial sales tax rate with the federal sales tax rate, resulting in the new HST (Harmonized Sales Tax). The entire 15% sales tax (or value-added tax VAT) on business inputs and purchases is a refundable tax credit for most businesses in New Brunswick.

Property tax abatement program for heritage properties

Heritage Properties can qualify for property tax abatement incentives to restore and re-use designated historic places.

Atlantic Investment Tax Credit

This credit is 10% of net investment in equipment and buildings in manufacturing and processing, storing grain, harvesting peat, logging, farming, and fishing. Atlantic Investment Tax Credit applies only in the Atlantic Provinces and Quebec’s Gaspé region.

Scientific Research and Experimental Development Tax Incentive Program (SR&ED)

The SR&ED Program is a federal tax incentive program for research and development in Canada that will lead to new, improved or technologically advanced products or processes. A Canadian-controlled private corporation (CCPC) can earn refundable investment tax credits of 35% up to the first $3 million of qualified expenditures for SR&ED carried out in Canada, and non-refundable tax credits of 15% on any excess amount. Other corporations (not CCPC) are eligible for a 15% non-refundable investment tax credit to apply to reduce tax payable.

Foreign Tax Credit

Corporations that have foreign source income and are resident in Canada at any time in the year may be eligible for a credit on foreign taxes paid.

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