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ARCHIVED - Completing Your New Brunswick Form

5004-N

Form NB428, New Brunswick Tax and Credits

Complete Form NB428 if you were a resident of New Brunswick at the end of the year.

If you had income from a business with a permanent establishment outside New Brunswick, complete Form T2203, Provincial and Territorial Taxes for 2003 - Multiple Jurisdictions , instead of completing Form NB428.

You also have to complete Form NB428 if you were a non-resident of Canada in 2003 and you earned income from employment in New Brunswick, or received income from a business with a permanent establishment only in New Brunswick.

Step 1 - New Brunswick tax on taxable income

Enter on line 1 your taxable income from line 260 of your return. Use this amount to determine which one of the four columns you have to complete. Enter this amount on line 2 of the applicable column and complete the calculation.

Step 2 - New Brunswick non-refundable tax credits

New Brunswick non-refundable tax credits reduce the amount of provincial tax you owe. However, if the total of these credits is more than the amount of provincial tax you owe, you will not get a refund for the difference.

Step 3 - New Brunswick tax

Calculate, on line 18, your New Brunswick dividend tax credit if you reported an amount on line 120 of your return.

Line 14 - New Brunswick tax on split income

If you have to pay federal tax on split income on line 424 of your federal Schedule 1, complete Part 2 of Form T1206, Tax on Split Income , to calculate the provincial tax that applies to this income. Form T1206 also contains special rules that apply to the amount you enter on line 428 of your return. For more information, read the section "Split income of a child under 18" in the General Income Tax and Benefit Guide .

Line 23 - New Brunswick additional tax for minimum tax purposes

If you have to pay minimum tax as calculated on Form T691, Alternative Minimum Tax , you will also have to determine your New Brunswick additional tax for minimum tax purposes.

To do this, complete the calculation on line 23 of Form NB428. For more information read the section "Minimum tax" in the General Income Tax and Benefit Guide .

Line 25 - Provincial foreign tax credit

If your federal foreign tax credit on non-business income is less than the related tax you paid to a foreign country, you may be eligible to claim a provincial foreign tax credit.

To claim the credit, get Form T2036, Provincial or Territorial Foreign Tax Credit from the CCRA's Web site or by contacting us (see the section called "If you have questions…").

Enter, on line 25 of Form NB428, the tax credit calculated on line 5 of Form T2036.

Receipts - Attach Form T2036 to your paper return. If you are filing electronically, keep all of your documents in case we ask to see them.

Step 4 - New Brunswick low-income tax reduction

You can claim this tax reduction if you were a resident of New Brunswick at the end of the year.

If you had a spouse or common-law partner at the end of the year, you and your spouse or common-law partner have to decide which one of you will claim this low-income tax reduction for your family. Any unused amount can be claimed by the other spouse or common-law partner on his or her Form NB428.

If you are preparing a return for a person who died in 2003, you can claim the tax reduction on the deceased person's final return if he or she was a resident of New Brunswick on the date of death.

Line 27 - Unused low-income tax reduction from your spouse or common-law partner

If you had a spouse or common-law partner at the end of the year, and he or she did not need all of the low-income tax reduction to reduce his or her New Brunswick tax to zero, you can claim, on line 27 of your Form NB428, the unused amount calculated on his or her Form NB428.

Line 29 - Basic reduction

Claim $460 for yourself.

Line 30 - Reduction for your spouse or common-law partner

Claim $460 if you had a spouse or common-law partner at the end of the year.

Line 31 - Reduction for an eligible dependant

Claim $460 if you claimed the amount for an eligible dependant on line 305 of Schedule 1.

Line 35 - Net family income

Your net family income is the total of your net income (line 236 of your return) and, if you had a spouse or common-law partner on December 31, 2003, that person's net income. His or her net income is the amount from line 236 of his or her return, or the amount that would appear on line 236 if he or she completed a return.

Note
Enter your marital status and the information about your spouse or common-law partner (including his or her net income, even if it is zero) in the Identification area on page 1 of your return.

Lines 42 to 44 - Unused low-income tax reduction that can be claimed by your spouse or common-law partner

If you had a spouse or common-law partner at the end of the year, your spouse or common-law partner can claim, on his or her 2003 return, any amount of the low-income tax reduction that you do not need to reduce your New Brunswick tax to zero.

Complete the calculation at lines 42 to 44 to determine the unused amount that your spouse or common-law partner can claim on his or her Form NB428.

Step 5 - New Brunswick tax credits

Political contribution tax credit

You can deduct part of the contributions you made in 2003 to political parties, district associations, or independent candidates registered in New Brunswick.

How to claim

Enter your total contributions on line 45 of Form NB428.

Determine the amount to enter on line 46 as follows:

For contributions of $200 or less, complete Column 1 of the following chart.
For contributions of more than $200 but not more than $550, complete Column 2 of the following chart.
For contributions of more than $550 but not more than $1,075, complete Column 3 in the following chart.
For contributions of more than $1,075, enter $500 on line 46 of Form NB428.

Action	Column 1	Column 2	Column 3	Line
Enter your total contributions				A
Line A minus Line B	– 0	– 200.00	– 550.00	B
Line A minus Line B	=	=	=	C
Multiply Line C by Line D	× 75%	× 50%	× 33.33%	D
Multiply Line C by Line D	=	=	=	E
Line E plus Line F	+ 0	+ 150.00	+ 325.00	F
Line E plus Line F	=	=	=	G

Enter the result on line 46 of Form NB428.

Receipts - Attach to your paper return official receipts signed by the official representative of the political party, district association, or independent candidate. If you are filing electronically, keep all of your documents in case we ask to see them.

Labour-sponsored venture capital fund tax credit

You may be able to claim a credit for investments you made in a labour-sponsored venture capital corporation in 2003 (that you did not claim on your 2002 return) or in the first 60 days of 2004.

Enter, on line 48 of Form NB428, the credit shown on Certificate NB-LSVC-1 to a maximum of $750.

Tax tip
You may also be eligible for a federal tax credit. For details, see lines 413 and 414 in the General Income Tax and Benefit Guide .

Receipts - Attach Certificate NB-LSVC-1 to your paper return. If you are filing electronically, keep all of your documents in case we ask to see them.

Small business investor tax credit

You can claim this credit for investments in eligible shares you acquired in 2003 or in the first 60 days of 2004. On line 50 of Form NB428, enter the credit shown on Certificate NB-SBITC-1, New Brunswick Small Business Investor Tax Credit, issued by the New Brunswick Department of Finance.

You can carry forward unused small business investor tax credits seven years, or back for three years. However, you cannot carry back credits to a year before 2003.

Use the following chart to calculate any unused credit available to carry forward to future years.

Unused small business investor tax credit

Action	Column 1	Line
Enter the amount from line 50 of Form NB428		A
Enter the amount from line 49 of Form NB428	-	B
Line A minus line B	=	C

Receipts - Attach Certificate NB-SBITC-1 to your paper return. If you are filing electronically, keep all of your documents in case we ask to see them.

Date modified:: 2003-12-12

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ARCHIVED - Completing Your New Brunswick Form - T1 General 2003