Budget 2024

Summary: New Brunswick Budget 2024

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Finance Minister Ernie Steeves tabled New Brunswick’s 2024-25 budget (NB Budget 2024) on March 19, 2024.

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NB Budget 2024 introduces a new provincial vaping tax and increases support for low-income seniors; it makes no changes to corporate or personal tax rates.  

NB Budget 2024 projects a surplus of $247 million for the 2023-2024 fiscal year, compared to a $40 million surplus projected in the previous budget, to reflect restated revenue and expense due to government reorganization.

Fiscal projections for the next three years are as follows:

Year Projected surplus / (deficit)
2024-25 $41 million
2025-26 $39 million
2026-27 $30 million


Business tax measures

Corporate tax rates

NB Budget 2024 makes no changes to the corporate tax rates or the $500,000 small business limit. 

2024 combined federal and provincial corporate tax rates

Small business tax rate General corporate tax rate Manufacturing and processing tax rate
11.5% 29.0% 29.0%

Personal tax measures

Personal income tax rates

NB Budget 2024 makes no changes to the personal tax rates. The indexed personal tax brackets and the respective marginal tax rates for 2024 are as follows:

Tax brackets Marginal tax rates
$49,958 or less 9.40%
$49,959 - $99,916 14.00%
$99,917 - $185,064 16.00%
$185,065 and over 19.50%

The top combined federal and provincial marginal tax rates for 2024 are as follows:

Type of income Tax rate
Salary/interest income 52.50%
Capital gains 26.25%
Eligible dividends 32.40%
Non-eligible dividends 46.83%

Tax credit for volunteer firefighters and search and rescue

NB Budget 2024 introduces a new non-refundable income tax credit for eligible volunteer firefighters and search and rescue volunteers, effective for the 2024 taxation year. No further details were provided in the budget.

Low-Income Seniors’ Affordability Supplement

NB Budget 2024 increases the annual low-income seniors’ benefit to $600 (from $400) (subject to annual indexation). Generally, to qualify for this annual benefit, the applicant must be 60 years of age or older, a resident of New Brunswick, and a recipient of a benefit under the federal Old Age Security Act. This measure is proposed to begin with the 2025 benefit year. More details are available on the province’s website. 

Sales tax measures

NB Budget 2024 proposes no changes to the current 15% HST rate, which is composed of a 5% federal component and a 10% provincial component.

Vaping tax

NB Budget 2024 introduces a vaping tax that will subject vaping substances sold in New Brunswick to a provincial excise duty rate of $1 per 2mL for the first 10mL, and $1 per 10mL for volume exceeding 10mL. This tax rate mirrors the existing federal rates. The vaping tax is proposed to be implemented on January 1, 2025.

Other notable measures

Housing – NB Budget 2024 invests an additional $68.9 million with the New Brunswick Housing Corporation to lead some housing related initiatives. This investment is intended to help reduce the housing waitlist through a direct-to-tenant rental benefit, increase the existing rent supplement budget, fund the Canada Housing Benefit to support additional households, and create a new Rent Bank to reduce evictions. The budget also allocates $11 million to address homelessness and $100 million to build new public housing units.

Health care – NB Budget 2024 provides $3.8 billion in health care spending—up from $3.6 billion projected in the last budget—to support a variety of healthcare technology initiatives. This includes support to expand collaborative practices in primary health care and midwifery services, fund agreements with cataract surgical centres to create additional operating room capacity, and increased mental health and addiction service offerings.

Clean energy investments – NB Budget 2024 provides $50 million to continue the Enhanced Energy Savings program. This program aims to help reduce consumption and the transition to energy-efficient power by providing free heat pumps, air sealing, and insulation for eligible recipients whose combined income is below $70,000.


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Visit our Budget 2024 hub to learn more about all federal and provincial budgets.   


The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.


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