2018-19 New Brunswick budget summary

On January 30, 2018, New Brunswick Finance Minister, The Hon. Cathy Rogers, tabled the province’s 2018–19 budget. The province will continue to focus on the following three areas: health care, education and jobs.

The province has revised the projected deficit for 2017–18 to $115.2 million and has projected a deficit of $188.7 million for 2018–19. The province, however, is projecting a surplus of $69 million by 2021–22. Yet the province’s debt will continue to increase and is projected to reach $14.5 billion by the end of 2018–19.

There are no new tax measures or tax increases included in this budget. The budget contains relatively few taxation changes other than a decrease in corporate tax rates for small businesses.

Business tax measures

Corporate tax rates

No changes to the $500,000 small-business limit are proposed. However, the small business tax rate will decrease from 3% to 2.5% effective April 1, 2018.

Personal tax measures

Personal income tax rates

No changes to personal income tax rates are proposed. The rates for 2018 are as follows:

• 9.68% on the first tax bracket (up to $41,675)
• 14.82% on the second tax bracket (from $41,676 up to $83,351)
• 16.52% on the third tax bracket (from $83,352 up to $135,510)
• 17.84% on the fourth tax bracket (from $135,511 up to $154,382)
• 20.30% on the fifth tax bracket (over $154,383)

Download the 2018 New Brunswick budget summary [ 113 kb ]