N.B. lowers small business income tax rate to three per cent

The New Brunswick government is slashing the small business income tax rate for the third straight year.

The province says the rate will be lowered to three per cent from 3.5 per cent as of April 1st.

It's the third cut to the rate since Jan. 201, when the rate was 4.5 per cent.

Premier Brian Gallant has committed to lowering the tax rate to 2.5 per cent by next year.

Gallant says small businesses are crucial to economic and job growth in the province.

Finance Minister Cathy Rogers says the move is part of the government's economic growth plan designed to help grow the economy and create jobs.

While three other provinces have a three per cent small business income tax rate, only Manitoba, Saskatchewan and British Columbia are lower.

With files from The Canadian Press