New Brunswick Provincial Budget Tax Updates 2025
Overview
On March 18, 2025, Minister of Finance René Legacy presented New Brunswick’s provincial budget for the 2025/26 fiscal year, with an anticipated deficit of $549 million. Additionally, the projected deficit for the nearly finished 2024/25 fiscal year has been revised to $398.9 million, a significant shift from the originally expected $40.8 million surplus.
Personal Income Tax Measures
The budget introduces no change to the personal income tax rates. The income tax rates for the 2025 taxation year, based on your taxable income, are as follows:
The current personal combined income tax rates for top marginal tax rate in 2025 are outlined below:
Corporate Income Tax Measures
There are no proposed changes to corporate income tax rates or the $500,000 small-business limit for 2025. The corporate income tax rates for New Brunswick in 2025 are as follows:
Responding to challenges resulting from tariffs
In respond to the tariffs imposed by the United States, the government has introduced a support package of $112 million. This includes a new $25 million investment in a program through Opportunities NB, along with other existing funds, aimed at helping businesses stay competitive and boost productivity.
Additionally, a $50 million contingency fund has been set up to account for the uncertainty surrounding the tariffs and their potential impact on both New Brunswick residents and the provincial economy.
More Information
For further information, visit https://www2.gnb.ca/content/gnb/en/corporate/promo/budget.html
[1] Applies to the first $500,000 of active taxable income of Canadian-Controlled Private Corporations (CCPCs).
