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Home  ->  Atlantic Provinces   ->   New Brunswick -> Budgets

New Brunswick Budgets

All budget provisions are subject to legislative approval.

New Brunswick 2024 Budget - March 19, 2024

 - on the New Brunswick website

Bill 27, An Act to Amend the New Brunswick Income Tax Act

Fiscal Measures Announced:

bulletSurpluses forecast for fiscal years through to 2026-2027.
bulletThere were no changes to personal or corporate income taxes except:
bulletPermanent increase to the base amount of the Low-Income Seniors' Benefit to $600 from $400, with the $600 2024 benefit indexed to the consumer price index annually starting in 2025. Applications for the 2024 benefit will be available on April 1, 2024.
bulletProposal for new, non-refundable personal income tax credit of $5,000 for eligible volunteer firefighter and search and rescue volunteers, effective for the 2024 taxation year. Only 1 credit per person, not both.
bulletIntention to enter into a coordinated vaping product taxation agreement with the federal government.

New Brunswick 2023 Budget - March 21, 2023

 - on the New Brunswick website

bulletCarbon Tax:  New Brunswick will be adopting the "federal backstop" for carbon taxation, which will result in New Brunswickers seeing federal climate action incentive rebates based on the amount of the federal carbon tax that is collected in the province each year.
bulletstart date for this was not indicated.  Other Atlantic provinces are beginning this on July 1, 2023.
bulletNo personal or corporate income tax changes were announced

New Brunswick 2023 Tax Change Announcement

New Brunswick announced November 1, 2022 that their personal income tax rates would be reduced for 2023, with one bracket being eliminated.  This is reflected in their Bill 10, An Act to Amend the New Brunswick Income Tax Act.

The rate change did not change the rate for donations in excess of $200, which is stated as 17.95% in s. 25 of the New Brunswick Income Tax Act.

The New Brunswick Table of Tax Rates has been revised.

New Brunswick 2022 Budget - March 22, 2022

 - on the New Brunswick website

Bill 103, An Act to Amend the New Brunswick Income Tax Act, received Royal Assent on June 10, 2022.

New Brunswick is projecting small surpluses for the 2022-2023 year and for the following two years.

Tax changes:

bulletCarbon tax increase from $40 to $50 per tonne April 1, as per federal requirements
bulletBasic personal amount 2022 increase from $10,817 (indexed amount for 2022) to $11,720, which becomes the new base amount for indexation in future years.
bulletLow-income tax reduction threshold 2022 increase from $18,268 (indexed amount for 2022) to $19,177, which becomes the new base amount for indexation in future years.
bulletPhased-in provincial property tax rate reductions over 3 years starting with the current property tax year:
bulletby 50% for non-owner-occupied residential properties, including apartment buildings and other rental properties;
bulletby 15% for other residential properties, including nursing homes;
bulletby 15% for non-residential properties

The government is also introducing a one-year cap, retroactive to January 1, 2022, on the allowable increase to rent of 3.8%, which is equivalent to the growth in the CPI in 2021.

These are not all budget measures - see the budget link above for complete details.

Tax Changes Subsequent to NB 2021 Budget

Bill 48, An Act to Amend the New Brunswick Income Tax Act, was tabled on May 11, 2021 and received Royal Assent June 11, 2021, with the following personal tax changes:

bulletreduce the lowest personal tax rate from 9.68% to 9.4%
bulletincrease the threshold for the low income tax reduction to $17,840.
bullettax brackets and low income tax reduction threshold will be indexed using the 2021 amounts as a base.

See the News Release.

New Brunswick 2021 Budget - March 16, 2021

bulleton NB Dept of Finance website
bulletno personal or corporate income tax changes
bulletprojected deficit of $244.8 million.
bulletcarbon tax increase to $40 per tonne from $30 effective April 1, 2021, resulting in carbon tax increases of 2.21¢ per litre of gasoline and 2.68¢ per litre of diesel fuel.

These are not all measures - see the budget link above for complete details.

New Brunswick COVID-19 Information and Support

New Brunswick 2020 Budget - March 10, 2020

bulleton NB Dept of Finance website
bulletin 2021, start reducing property tax rate on residential non-owner-occupied properties, over 4 years
bulletlower interest rate on provincial portion of student loans from prime rate + 2.5% to prime rate
bulletimplementing a carbon pricing plan effective April 1, 2020
bulletno personal or corporate income tax changes

These are not all measures - see the budget link above for complete details.

New Brunswick 2019 Budget - March 19, 2019

     - on NB Dept of Finance website

bullet no tax increases
bullet maintaining current rules for the New Brunswick Small Business Corporate Income Tax Rate rather than implementing the federal passive income tax measure:  Bill 22, An Act to Amend the New Brunswick Income Tax Act, was tabled in May 2019 and received Royal Assent June 14, 2019.
bullet Tuition Tax Credit Reinstated:  Bill 21, An Act to Amend the New Brunswick Income Tax Act, was tabled in May 2019 and received Royal Assent June 14, 2019.  It reinstates the tuition tax credit, and allows students to claim 2017 and 2018 tuition on their 2019 tax returns.  See the May 7, 2019 News Release.

New Brunswick 2018 Budget - Jan 30, 2017 (on NB Dept of Finance website)

     - no new tax changes

     - see their news release for a summary of budget measures

New Brunswick Fall 2017 Tax Changes

bullet The non-eligible dividend tax credit is revised to 2.853% of the taxable dividend for 2018, and to 2.75% of the taxable dividend for 2019 and subsequent taxation years.  The NB 2018 Tax Rate Table has been revised.
bullet The small business corporate income tax rate will be reduced to 2.5% effective April 1, 2018.

See Bill 23, An Act to Amend the New Brunswick Income Tax Act, which received Royal Assent December 20, 2017.

NB 2017 Budget - Feb 7, 2017 (on NB Dept of Finance website)

See Bill 60 An Act to Amend the New Brunswick Income Tax Act, which received Royal Assent on May 5, 2017, implementing the 2 provisions below.

    - The small business corporate income tax rate is revised from 3.5% to 3.0% effective April 1, 2017.

    - The dividend tax credit for non-eligible dividends is revised from 3.5% to 3.245% effective January 1, 2017.

NB 2016 Budget - Feb 2, 2016 (on NB Dept of Finance website)

Bill 32, An Act to Amend the New Brunswick Income Tax Act, which received Royal Assent July 8, 2016, revised the small business corporate tax rate to 3.5% effective April 1, 2016, and revised both the eligible and non-eligible dividend tax credit rates for 2016, 2017 and later years.

Bill 18 - An Act Respecting Fiscal Measures, which received Royal Asset June 28, 2016, is available with the following legislative changes.

bulletCorporate general income tax rate increased from 12% to 14% effective April 1, 2016
bulletEffective January 1, 2016, eliminate top personal tax rate of 25.75%, lowering rate from 21% to 20.3% for taxable income over $150,000. This bracket will be indexed effective January 1, 2017.
bulletNo change to the non-eligible dividend tax credit rate.
bulletIncrease in provincial portion of HST, total HST rate increased from 13% to 15%, effective July 1, 2016
bulletProvide a refundable provincial HST credit of $300 for individuals, $300 for spouse or equivalent, and $100 per child under the age of 19. Single parent families will receive a $300 credit for 1st child.  Full HST credit to New Brunswickers with family income of less than $35,000, reduced by 2% for income over $35,000.
bulletIncrease Corporation Capital Tax rate for banks from 4% to 5% effective April 1, 2016
bulletIncrease real property transfer tax from 0.5% to 1.0% effective April 1, 2016.
bulletIncrease tobacco tax by 6.52 cents per cigarette or gram of loose or fine cut tobacco over the next 2 years to bring it to the same rate as Nova Scotia.  Initial increase of 3.26 cents will be effective midnight Feb 3, 2016. Second increase of 3.26 cents will be effective Feb 1, 2017.
bulletIncrease fines and establish dedicated enforcement unit to actively identify and investigate individuals involved in illegal activities.

NB 2015 Budget - March 31, 2015 (on NB Dept of Finance website)

bullet2 new tax brackets with higher rates, effective January 1, 2015:
bullet21% for over $150,000
bullet25.75% for over $250,000
bulletsee the revised tax table
bulletNew Seniors' Home Renovation Tax Credit - details to be made available in coming weeks
bulletElimination of the Tuition Rebate.
bulletIncreasing premiums for seniors who use the Medavie Blue Cross Seniors Prescription Drug Program - will be done in a progressive way, and drugs for low-income seniors will continue to be subsidized through a separate plan.
bulletIncreasing fuel taxes on gasoline by 1.9 cents per litre and on diesel fuel by 2.3 cents per litre.
bulletSmall business corporate income tax rate lowered from 4.5% to 4% effective January 1, 2015.
bulletSmall business (non-eligible) dividend tax credit rate lowered from 5.3% to 4% effective January 1, 2015
bulletMany other changes and cost cutting measures that do not affect taxes.  See the news release for details.

NB 2014 Budget - February 4, 2014 (on NB Dept of Finance website)

bulletNo increases to personal income tax or HST
bulletEnhanced Small Business Investor Tax Credit

NB 2013 Budget - March 28, 2013

NB 2012 Budget - March 27, 2012 (on NB Dept of Finance website)

bulletNo increases to personal income tax or HST
bulletEffective June 1, 2012, Real Property Transfer Tax will increase from 0.25% to 0.50%
bulletEffective April 1, 2012, Financial Corporation Capital Tax will increase from 3% to 4%
bulletDividend Tax Credit for dividends from corporations subject to the general Corporate Income Tax rate will be reviewed.
bulletProperty tax reform plan consisting of a 4 year phase-in of property tax changes will be implemented beginning in the 2013 property tax year.

NB 2011 Budget (on NB Dept of Finance website)

The 14.3% rate on the highest tax bracket in 2010 is to be retained for 2011 instead of the previously planned reduction to 12.7%.  In 2012, the tax rates for all tax brackets will remain at their 2011 levels, delaying the previously planned tax rate reductions.  See the revised table on our 2009 NB Budget page.

The previously planned reduction of the general corporate income tax rate to 8% on July 1, 2012 has been eliminated.  The government is now committed to keeping the rate at 10%.

A reduction in the small business corporate tax rate was announced, from 5% to 4.5% effective January 1, 2012, with a plan to reduce the rate by 50% over four years.

NB 2010 Budget (on NB Dept of Finance website)

NB 2009 Budget

NB 2008 Budget

 - on NB Dept of Finance website

There were no income tax changes announced in the budget, but in April a process will begin of reviewing the entire taxation system.  This will include personal and corporate income tax, property tax, consumption tax and fuel taxes.  A legislative committee will be appointed to do conduct consultations with stakeholders, and to report back in the fall with recommendations for the government.

NB 2007 Budget

Revised: September 20, 2024

 

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