Recognizing that small business is a vital part of New Brunswick’s economy and communities, the provincial government has taken a series of steps to help them succeed and is committed to ongoing efforts to address their concerns.
These steps include:
- On April 1, government reduced the small business income tax rate to three per cent. This is the third cut to this rate since Jan. 1, 2015. The provincial government introduced legislation November 14, 2017 to lower the small business corporate income tax rate to 2.5 per cent effective April 1, 2018.
- To improve access to capital, the Small Business Investor Tax Credit was increased from 30 per cent to 50 per cent for investments made after April 1, 2015, and eligibility was expanded to include community economic development funds.
- The New Brunswick Jobs Board Secretariat launched the Agile Business Services initiative to identify which business services are working and which require improvement, and received strong feedback from small businesses around the province. Departments are now working to improve services to save small business time and money in their interactions with the government.
- New Brunswick has partnered with the other Atlantic provinces in the Joint Office of Regulatory Affairs and Service Effectiveness and has reduced small businesses costs by:
- harmonizing payroll record-keeping requirements,
- aligning the timing of minimum wage increases,
- moving to common solicitation documents for procurement,
- agreeing to mutual recognition of certain occupational health and safety standards,
- establishing agreements with Nova Scotia, Quebec and Ontario to recognize training and certification of Long Combination Vehicle drivers,
- harmonizing apprenticeship programs for four trades, with six more to be harmonized this year, and
- working towards further regional harmonization efforts.
- Opportunities NB has hired a subject-matter expert to increase its focus in the area of entrepreneurial success.
- Opportunities NB has invested in a regional network of 44 staff across the province, working in five regional offices and seven satellite offices. Maintaining a strong regional presence allows the corporation to provide quicker turnaround time on client files.
Consultations on issues which impact small business are ongoing. The government is committed to addressing areas of opportunity which includes improving:
- motor vehicle registration and renewal services;
- company incorporation and annual return processes;
- modernizing procurement policies and practices
- red tape reduction; and
- access to labour programs.
The New Brunswick Economic Growth Plan is the provincial government’s plan to grow the economy and create job opportunities. Using this plan as a guide, government will embrace the increasingly global nature of the economy and seek to attract our share of global investment, talent and new ideas. New Brunswick's entrepreneurs are key to making this happen. Specific areas of focus include:
- Closing the skills gap through education and immigration
- Improving access to capital for growing businesses
- Investing in critical economic infrastructure like ports and airports
- Providing open data to spur the development of new businesses and solutions
Updated: November 2017
MEDIA CONTACT(S): Sarah Bustard, communications, Department of Finance, (506) 444-5026, email@example.com