2022 New Brunswick Budget Highlights

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.