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The Department of Finance is a part of the Government of New Brunswick.It is charged with New Brunswick's budgetary and tax policy and headed by the finance minister.. The department, or a minister responsible for this area, has existed in one form or another since the creation of New Brunswick as a crown colony in 1784.
Property Assessment Services assesses the value of all lands, buildings and improvements in New Brunswick. This data is used to calculate annual property taxes, in partnership with the Department of Finance and the Department of Environment and Local Government.
New Brunswick [a] is one of the thirteen provinces and territories of Canada.It is one of the three Maritime provinces and one of the four Atlantic provinces.It is bordered by Quebec to the north, Nova Scotia to the east, the Gulf of Saint Lawrence to the northeast, the Bay of Fundy to the southeast, and the U.S. state of Maine to the west.
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The annual property tax for any province contains at least two elements: the municipal rate and the education rate. The combination of municipal and education tax portions along with any base taxes or other special taxes determines the full amount of the tax. These taxes account for about ten percent of total taxation in Canada. Land Transfer Tax
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
The New Brunswick Housing Corporation exists as a crown corporation under the guidelines of the New Brunswick Housing Act. It contains a board of directors consisting of a chair , which is the minister, a vice-chair, which is the president and CEO, as well as between three to eight other individuals.
Sales taxes on new or significantly renovated housing used as a primary residence may be eligible to have a portion of charged federal and provincial sales taxes rebated. New homes valued up to $450,000 may be eligible for a 36% rebate on GST charged up to a maximum of $6,300. [17] Provincial sales tax rebate programs on new housing are offered ...
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