Personal Taxes

NB distributes $ 163 million in carbon tax income and lowers revenue tax Atlantic

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

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

According to Steeves, the change would lower the income tax rate for the first tax bracket for the 2021 tax year from 9.68 percent to 9.4 percent and 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.

According to Steeves, $ 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 Canadian press report was first published on May 11, 2021.

The Canadian press. All rights reserved.

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