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New Brunswick Budget Report 2023

Last updated: Mar. 30, 2023 

New Brunswick Budget 2023 Highlights

On March 21, 2023, the New Brunswick Budget was delivered by Finance Minister, Ernie Steeves.

The Budget is anticipated to result in a surplus of $862.6 million for the 2022-2023 fiscal year, and a $40 million for the 2023-2024 budget year.

Here we’ll provide a summary of key highlights of New Brunswick’s 2023 Provincial Budget.

Corporate Tax

There were no changes made to corporate tax rates or other corporate tax measures announced in New Brunswick’s 2023 Provincial Budget.

Corporate tax rates for New Brunswick:

Corporate Income Combined Provincial + Corporate Rate
General 29%
(zero-emission technology manufacturer)
Small Business* 11.5%
Small Business*
(zero-emission technology manufacturer)

*tax rate on the first $500,000 of active business income, shared amongst an associated group.

Personal Tax Measures

There are no changes to personal tax rates, other than the previously announced rate reductions announced last fall (effective as of 2023).

Taxable Rates Tax Brackets
9.4% Up to $47,715
14% $47,715 to $95,431
16% $95,431 to $176,756
19.5% $176,756+

Other Tax Measures

Carbon Tax

The previously announced measure to adopt the federal backstop for carbon tax and remove the provincial pricing system will move forward, effective July 1, 2023.

Property Tax

Effective January 1, 2023, there will be a reduction in certain property tax rates (from 2021 rates):

  • Non-owner-occupied residential properties (including apartments) will have a 50% reduction in property tax.
  • Other residential and non-residential properties will have a 15% reduction.

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