2017 New Brunswick provincial budget commentary
Finance Minister Cathy Rogers tabled the 2017 New Brunswick provincial budget on February 7, 2017. The minister indicated that there were two significant changes to the province’s fiscal reporting. First is the elimination of the contingency reserve, which was $100 million last year. The second change reflects the consolidation of provincial nursing homes into the budgeted aggregate revenue and expenses.
The minister estimated that the deficit for the 2016-2017 fiscal year will likely come in at $231 million, as compared to the deficit of $247 million originally projected in last year’s budget. Projections for the 2017-2018 fiscal year indicate that the deficit will decrease to $192 million. The government’s multi-year plan projects deficits of $117 million and $24 million over the following two fiscal years, with a return to balance in 2020-2021.
On the tax side, the budget proposes decreasing the small business corporate income tax rate, as well as the development of a carbon pricing policy.
Please note that these changes are still proposals until passed into law by the provincial government. Let our experienced advisors assist you with understanding these potential changes and the impact they may have on you and your family’s financial strategy. To access the complete summary, please speak to your Assante advisor today.