New Brunswick Budget – March 2021: Budget Summary

On March 16, 2021, Finance Minister Ernie L. Steeves tabled New Brunswick’s 2021-22 budget (Budget 2021). The estimates provided in Budget 2021 show that the province projects a deficit of $12.7 million for the 2020-21 fiscal year, compared to a $92.4 million surplus projected for the same fiscal year in the previous budget.

Corporate tax rates

No changes to the corporate tax rates or the $500,000 small business limit are proposed.

Sales and excise taxes

Budget 2021 proposes no changes to the current 15% HST rate, which is composed of a federal component of 5% and a provincial component of 10%.

Effective April 1, 2021, the provincial carbon tax will increase from $30 per tonne to $40 per tonne. As a result, gas prices will increase by 2.21 cents/litre and diesel prices will increase by 2.68 cents/litre.

Download the pdf below for more details.