2022 New Brunswick Budget Highlights
2022 New Brunswick Budget Highlights
New Brunswick Finance Minister Ernie Steeves tabled the Provincial Government’s 2022 budget on March 22, 2022.
On March 22, 2022, New Brunswick Finance and Treasury Board Minister Ernie Steeves tabled the Provincial 2022-23 Budget. Titled Building on Success, Budget 2022-23 focuses on building a stronger economy and positioning the Province for ongoing sustainable growth.
Tax measures in the Budget include:
- No corporate or personal income tax rate changes.
- Increase in the Province’s basic personal amount from $10,817 to $11,720, effective for the 2022 taxation year.
- Increase in the Low-Income Tax Reduction threshold from $18,268 to $19,177, effective for the 2022 taxation year.
- Increase in the Province’s carbon tax from $40 per tonne to $50 per tonne, effective April 1, 2022.
- Property tax reductions as proposed in Budget 2020-21, which will be phased in over three years beginning in the 2022 taxation year. The proposed reductions are as follows:
- 50 percent on non-owner-occupied residential properties
- 15 percent on non-residential properties and other residential properties, including nursing homes
More details and highlights of the 2022-23 New Brunswick Budget can be found on the Provincial Government’s website.
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