BILL 53

An Act to Amend the New Brunswick Income Tax Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 14 of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is amended

(a)  in subsection (3)

(i) in the portion preceding paragraph (a) by striking out “for the 2011 taxation year” and substituting “for the 2011 taxation year and subsequent taxation years”;

(ii) in paragraph (d) by striking out “12.70%” and substituting “14.30%”;

(b)  by repealing subsection (4);

(c)  in subsection (5) by striking out “subsection (2), (3) or (4)” wherever it appears and substituting “subsection (2) or (3)”.

2 Section 52.1 of the Act is amended

(a)  by adding after subsection (5.6) the following:

52.1(5.7) An overpayment of the prescribed amount on account of an individual’s liability under this Act for the 2010 taxation year is deemed to have arisen in the 2010 taxation year if

(a)  the individual resided in New Brunswick on December 31, 2010, and has filed a return of income for the 2010 taxation year,

(b)  the individual’s total family income for the 2010 taxation year

(i) was the prescribed amount or less, or

(ii) was greater than the prescribed amount but the individual’s total family income for the 2011 taxation year was the prescribed amount for the 2010 taxation year or less,

(c)  the place where the individual lives is his or her principal place of residence,

(d)  on or before June 30, 2012, the individual has, either on his or her own behalf or through a representative, filed an application on the form provided by the Minister of Finance of New Brunswick for a refund of the overpayment, and

(e)  the individual has, either on his or her own behalf or through a representative, provided all of the information required by the application form or the Minister of Finance of New Brunswick before the date required by that Minister.

52.1(5.8) Subsection (5.7) applies with the necessary modifications to the 2011, 2012, 2013 and 2014 taxation years.

(b)  by adding after subsection (7) the following:

52.1(7.1) Despite subsections (2) to (6), an individual is entitled to receive only one refund per taxation year under subsections (5.7) and (5.8).

3 Subsection 55(2.4) of the Act is repealed.

4 Subsection 56(4.4) of the Act is repealed.

5 Section 57 of the Act is amended

(a)  in subsection (1.02) by striking out “the period commencing on January 1, 2007” and substituting “the period commencing on January 1, 2007, and ending on December 31, 2011”;

(b)  by adding after subsection (1.02) the following:

57(1.021) For the period commencing on January 1, 2012, the references to “2%” in subsection (1) shall be read as references to “4.5%”.

(c)  by adding before subsection (1.1) the following:

57(1.04) For the period commencing on July 1, 2010, and ending on June 30, 2011, the reference to “13%” in paragraph (1)(b) shall be read as a reference to “11%”.

57(1.05) For the period commencing on July 1, 2011, the reference to “13%” in paragraph (1)(b) shall be read as a reference to “10%”.

6(1) Section 1 of this Act shall be deemed to have come into force on January 1, 2011.

6(2) Paragraph 5(c) of this Act shall be deemed to have come into force on July 1, 2010.