Minister of Finance Cathy Rogers presented New Brunswick’s 2017-18 budget on February 7, 2017. This budget centered on three strategic concerns: job creation, fiscal responsibility, and help for families. While the deficit for 2017-18 is estimated to be $191.9 million, the province is anticipating real Gross Domestic Product (GDP) growth of 0.6% in 2017.
Included in this year’s budget are two interesting tax changes, as noted below.
Small Business Income Tax
The Small Business Income Tax rate in New Brunswick is currently 3.5%. Effective April 1, 2017, the rate will be reduced to 3.0%. The Minister also noted the government’s intention to reduce the rate to 2.5% in the future.
In response to climate change, the government announced that it will, at a later date and after consultation with stakeholders, introduce a carbon pricing mechanism to address the federal government’s requirements.
Additional information on the New Brunswick 2017-18 budget is available on the province’s web site at: