Taxes and benefits
The taxes that Canadians pay fund important national and provincial programs such as health care and education. Find out about Canadian taxes and benefits at the Working in Canada site and from the Canada Revenue Agency. Find out about New Brunswick’s Harmonized Sales Tax.
Unemployed Canadian residents may be eligible for employment insurance, which provides temporary financial assistance for unemployed Canadians while they look for work or upgrade their skills. Canadians who are sick, pregnant or caring for a newborn or adopted child, as well as those who are caring for a family member who is seriously ill with a significant risk of death, may also be assisted by employment insurance. You can apply for these benefits only if you have contributed to employment insurance during previous periods of employment.
Taxes for businesses
When you own a business in New Brunswick, you will need to be aware of the business taxes for which you will be responsible.
The Canada Revenue Agency is primarily responsible for collecting taxes based on income, profit and sales. Provinces and municipalities are primarily responsible for collecting property taxes. These taxes are based on the assessed value of real estate such as land and buildings.
Business owners typically must take into consideration:
• income tax from self-employment;
• tax on corporate income;
• property taxes; and
• the 13 per cent Harmonized Sales Tax (HST), similar to the value-added tax (VAT) levied in other countries.
Contact a tax professional for more information, including how to take advantage of tax incentives and other tax relief.