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 2.5 per cent. This is the fourth cut to this rate since Jan. 1, 2015.
- 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 (ONB) helps existing businesses in New Brunswick reach the next level of success. Whether you’re a startup, an established company, or an export-focused business, ONB will help you find the new markets, resources, and talents you need to grow.
- ONB has a subject-matter expert to increase its focus in the area of entrepreneurial success.
- ONB has established two new funding policies to support early stage companies in New Brunswick. The Seed and Series A funding policies operate as “sidecar” funds in conjunction with funding from approved partners.
- ONB’s Capital Investment Enhancement Policy was designed to support the growth of small businesses throughout New Brunswick that have export potential.
- ONB has invested in a regional network of 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.
The New Brunswick Economic Growth Plan is the provincial government’s plan to grow the economy and create job opportunities. The Economic Growth Plan was launched in 2016 following consultation with hundreds of stakeholders including youth, entrepreneurs, academia, community, business and aboriginal leaders. It outlined a value-added model for economic development that focused on collaborating with private sector partners to develop new opportunities.
Using this plan as a guide, government embraces the increasingly global nature of the economy and seeks 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
The 2018 update shows growth in many sectors, especially cybersecurity, business support services, tourism, cannabis and local food and beverages. For more information, visit the New Brunswick Economic Growth Plan 2018 Update.
Updated: August 2018
MEDIA CONTACT(S): Sarah Bustard, communications, Department of Finance, (506) 444-5026, email@example.com