News Release

FREDERICTON (GNB) – Amendments to the New Brunswick Income Tax Act were introduced today to help generate new revenue for the province.

“Our government is committed to fiscal responsibility and to ensuring that those with the greatest ability to pay contribute to improving our province’s financial situation,” said Finance Minister Roger Melanson. “Through these amendments, we are meeting our government’s commitment to increase personal income taxes on the richest one per cent of New Brunswickers.”

A new personal income tax rate of 21 per cent will be imposed on taxable income between $150,000 and $250,000 and 25.75 per cent for taxable income greater than $250,000.

These new tax rates will raise an estimated $30 million per year in additional tax revenue for the province. The rates become effective for the 2015 taxation year.

“Our government recognizes that much more work needs to be done to improve our financial situation,” said Melanson. “That is why we believe that asking our richest residents to contribute more is reasonable, fair and progressive.”

The province is currently facing a deficit of about $400 million. A Strategic Review of all government programs and services is underway to identify efficiencies and produce cost savings.