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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:
 | Surpluses forecast for fiscal years through to 2026-2027. | ||||
| There were no changes to personal or corporate income taxes except:
| ||||
| Intention 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
| Carbon 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.
| ||
| No 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:
| Carbon tax increase from $40 to $50 per tonne April 1, as per federal requirements | ||||||
| Basic 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. | ||||||
| Low-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. | ||||||
| Phased-in provincial property tax rate reductions over 3 years starting
with the current property tax year:
|
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:
| reduce the lowest personal tax rate from 9.68% to 9.4% |
| increase the threshold for the low income tax reduction to $17,840. |
| tax 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
| on NB Dept of Finance website |
| no personal or corporate income tax changes |
| projected deficit of $244.8 million. |
| carbon 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
| on NB Dept of Finance website |
| in 2021, start reducing property tax rate on residential non-owner-occupied properties, over 4 years |
| lower interest rate on provincial portion of student loans from prime rate + 2.5% to prime rate |
| implementing a carbon pricing plan effective April 1, 2020 |
| no 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
| no tax increases |
| 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. |
| 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
| 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. |
| 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.
| Corporate general income tax rate increased from 12% to 14% effective April 1, 2016 |
| Effective 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. |
| No change to the non-eligible dividend tax credit rate. |
| Increase in provincial portion of HST, total HST rate increased from 13% to 15%, effective July 1, 2016 |
| Provide 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. |
| Increase Corporation Capital Tax rate for banks from 4% to 5% effective April 1, 2016 |
| Increase real property transfer tax from 0.5% to 1.0% effective April 1, 2016. |
| Increase 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. |
| Increase 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)
| 2 new tax brackets with higher rates, effective January 1, 2015:
| ||||||
| New Seniors' Home Renovation Tax Credit - details to be made available in coming weeks | ||||||
| Elimination of the Tuition Rebate. | ||||||
| Increasing 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. | ||||||
| Increasing fuel taxes on gasoline by 1.9 cents per litre and on diesel fuel by 2.3 cents per litre. | ||||||
| Small business corporate income tax rate lowered from 4.5% to 4% effective January 1, 2015. | ||||||
| Small business (non-eligible) dividend tax credit rate lowered from 5.3% to 4% effective January 1, 2015 | ||||||
| Many 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)
| No increases to personal income tax or HST |
| Enhanced Small Business Investor Tax Credit |
NB 2013 Budget - March 28, 2013
NB 2012 Budget - March 27, 2012 (on NB Dept of Finance website)
| No increases to personal income tax or HST |
| Effective June 1, 2012, Real Property Transfer Tax will increase from 0.25% to 0.50% |
| Effective April 1, 2012, Financial Corporation Capital Tax will increase from 3% to 4% |
| Dividend Tax Credit for dividends from corporations subject to the general Corporate Income Tax rate will be reviewed. |
| Property 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