The Government of New Brunswick, Canada has issued a release announcing the introduction of amendments to reduce provincial personal income tax due to carbon tax revenue. This includes a reduction in the first tax bracket from 9.68% to 9.4% and an increase in the Low-Income Tax Reduction threshold from CAD 17,630 to CAD 17,840 for the 2021 taxation year. These changes are to begin on 1 July 2021 and be fully reflected in the 2021 tax returns filed in the spring of 2022.
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Amendments intr…