""

2022 New Brunswick Budget Highlights

March 22, 2022

2022 New Brunswick Budget Highlights

Synopsis
3 Minute Read

New Brunswick Finance Minister Ernie Steeves tabled the Provincial Government’s 2022 budget on March 22, 2022.

Read more
Insight
Performance Insight Tax Services

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.

2022 Federal Budget

Sign up now to access MNP’s insightful Federal Budget Summary on release and find out the impacts and implications.
Sign up now

Related Content

  • Performance
    June 01, 2022

    Tax Update: Canada Revenue Agency prescribed interest rates increasing July 1, 2022

    Annual prescribed interest rates that will apply to amounts owed to and from the Canada Revenue Agency for the third quarter of 2022 will increase as of July 1, 2022.

    Read more

  • Progress
    May 20, 2022

    Enhanced hospital GST / HST rebates for long-term care facilities

    If you operate a long-term care facility and are currently only claiming the GST / HST rebate for charities or qualifying not-for-profit organizations, it may be time to revisit your eligibility for an enhanced hospital rebate announced in the 2022 Federal Budget.

    Read more

  • Agility
    May 19, 2022

    Crypto asset mining – A review of recent proposals

    Proposed amendments to tax rules around crypto assets could impact business engaged in crypto mining activities. We explore how new definitions shift GST / HST costs under the proposed changes.

    Read more

Insights

View all
  • Confidence

    August 11, 2022

    Imminent arrival of global sustainability standards impacts the future of your business

    As efforts to codify ESG gather steam, we look at how Canadian businesses can prepare for new reporting standards.

    Read more

  • Progress

    July 22, 2022

    $166-million in government support up for grabs for Canada’s wine sector

    The application deadline for the Government of Canada’s Wine Sector Support Program with up to $166-million in funding is August 12, 2022.

    Read more

  • Agility

    July 14, 2022

    LIBOR transition: What it means to your credit union

    Much of the financial world is transitioning away from its reliance on the London Interbank Offered Rate (LIBOR). Leaders at credit unions need to be aware of what comes next.

    Read more