New Brunswickers Face Record Jump in Income Taxes

The New Brunswick government has unveiled a three-year budget which includes some of the largest tax increases in the province's history.  Finance Minister Blaine Higgs says starting July 1, personal and corporate income taxes will go up to help alleviate a $479 million deficit in the upcoming fiscal year.

Personal income tax rates in New Brunswick for people earning between $40,000 and $75,000 will jump by about 22 per cent. Those making more than $80,000 will see close to a 33 per cent jump in taxes.

New Brunswick businesses will also help shoulder the burden of bringing down the deficit. Effective July 1, the corporate income tax will increase to 12 per cent from the current rate of 10 per cent. The tax hikes are expected to generate about 200 million dollars for the provincial government.