Personal Taxes

NB Proposes Private Earnings Tax Discount

The New Brunswick legislature at Fredericton. (Image: Brad Perry)

New Brunswick taxpayers may soon see a bit more money back in their pockets.

The Higgs government introduced changes Tuesday to reduce personal income tax.

The non-refundable tax credit known as the basic personal amount, which can be claimed by everyone, would increase to $11,720 from $10,817.

In addition, the low-income tax reduction threshold would go up to $19,177 from $18,268.

Finance Minister Ernie Steeves said the changes would provide about $40 million in personal income tax relief for 2022.

“We have heard from individuals and the business community that there is a need to address the high tax burden in New Brunswick and the cost pressures they face,” Steeves said in a news release.

The province said the changes are part of their efforts to redistribute carbon tax revenue while helping residents with the rising cost of living.

Legislative amendments to the New Brunswick Income Tax Act must still be approved in the legislature.

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