Personal Taxes

NB distributes $ 163 million in carbon tax income

FREDERICTON – New Brunswick Treasury Secretary returns New Brunswickers $ 28 million through an income tax cut.

Ernie Steeves says the benefit is part of the government’s commitment to recycle $ 163 million in carbon tax revenue.

According to Steeves, the change would lower the income tax rate in the first tax bracket for the 2021 tax year from 9.68 percent to 9.4 percent, which would benefit more than 420,000 taxpayers.

The proposed savings would start July 1 and be reflected when New Brunswickers file their 2021 tax returns next spring.

The government says $ 78 million will be returned to taxpayers through cuts in gasoline and diesel taxes, and $ 36 million will be allocated to the Climate Change Fund.

Steeves said $ 12 million will be used to subsidize the Liberty Utilities natural gas distributor to offset the cost of the carbon tax, and $ 9 million will be given to First Nations.

This report from The Canadian Press was first published on May 11, 2021.

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