News and Insights

New Brunswick Budget 2014 

Tax Development Feb 05, 2014

On February 4, 2014, Finance Minister Blaine Higgs presented New Brunswick’s 2014-15 budget, with a goal to reduce the provincial deficit, freeze taxes and provide strategic investments in both infrastructure and innovation. The deficit for 2014-15 is an estimated $391 million, in comparison to the recorded 2013-14 third quarter deficit of $564 million. 

The province has decided that in 2014-15 no increases to income, consumption or gas taxes will be introduced.  In addition, no major fee increases, including motor vehicle licensing and registration levies, will be made during the year as all fees for key programs have been updated over the past two years.  These choices have been made so that economic growth is not thwarted and to ensure that additional burden is not placed on taxpayers.

The Minister also noted that, despite the increase in personal income tax rates that took effect last year, the province continues to have the lowest personal income tax rates of all Maritime provinces and Quebec.  In addition, corporate income tax rates are competitive with its neighbouring provinces.

Additional information on the New Brunswick 2014-15 budget is available on the province’s web site at:

New Brunswick Budget 2014-2015