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New Brunswick 2024 Budget Highlights

New Brunswick 2024 Budget Highlights

Synopsis
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New Brunswick Minister of Finance Ernie Steeves tabled the province’s 2024-2025 budget on Tuesday, March 19, 2024.

New Brunswick Minister of Finance and Treasury Board Ernie Steeves tabled the province’s 2024-2025 budget on Tuesday, March 19, 2024. This year’s balanced budget, titled Stronger Than Ever: Let’s Keep Building, focuses on healthcare as well as investments in other priority areas such as housing, supporting vulnerable populations, and education.

No changes to corporate or personal income tax rates were announced.

Other tax measures announced:

  • The Province intends to enter a coordinated vaping product taxation agreement with the federal government. A provincial excise duty based on the volume of vaping substance in each vaping product will be applied in addition to the existing federal excise duty. The targeted implementation date is January 1, 2025.
  • Continued support for seniors through the Low-Income Seniors’ Benefit
    • Extension of the $200 Low-Income Seniors’ Affordability Supplement to 2024 for benefit recipients. Applications for the 2024 benefit will be available on April 1, 2024.
    • A permanent increase to the base amount of the benefit from $400 to $600. The value of the benefit will be indexed to the Consumer Price Index annually, beginning with the 2025 benefit year.
  • New, non-refundable personal income tax credits for eligible volunteer firefighters and search and rescue volunteers, effective for the 2024 taxation year.
  • Legislative amendments will be introduced to provide the government with greater flexibility to deliver timely, provincially administered programs as needed while increasing access to Canada Revenue Agency tax filer information.

Full details of the 2024–2025 New Brunswick can be found here.

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