August 12, 2008
Programs - The Government of New Brunswick announced a recovery program for residents and businesses that incurred property damage as a result of flooding between August 1 and 5, 2008. See http://www.gnb.ca/public/flood-e.asp for details.
February 26, 2008
Personal Tax - The 2008 budget proposed a Tax Free Savings Account (TFSA) which would commence in 2009. This TFSA allows individuals to contribute $5,000 (indexed) per year to an investment account in which the income and original contributions are not taxable. Contributions to this account are not tax deductible. Contribution room is increased by any unused contributions from previous years and by withdrawals from the account.
February 26, 2008
Personal Tax - On your 2007 personal tax return you will be able to split 50% of any eligible pension income to your spouse or common-law partner. The pensioner and their spouse must make a joint election to split pension income on form T1032.
May 2, 2006
Corporate Tax - Year-ends ending after 2005 will be able to carry forward non-capital losses for 20 years, an increase of 10 years.