Ryan Tax Alert - New Brunswick Budget 2008

Finance Minister Victor Boudreau delivered New Brunswick’s 2008-2009 budget on March 18, 2008. The balanced budget focuses primarily on increased spending for health care, education, social services and investment in infrastructure.

No new taxes or tax increases were introduced in this year’s budget.

However, the government did announce that a “Green Paper” outlining various options to “significantly reform” the province’s tax system will be tabled in April. This paper will present options intended to improve the tax system, support economic growth, encourage investment, attract skilled labour, and move the province closer to its goal of self-sufficiency. The paper will focus on all aspects of the province’s tax system, including a full examination of personal and corporate income taxes, property taxes, consumption taxes and fuel taxes.

From a commodity tax perspective, the budget notes that New Brunswick is already one of four provinces in Canada to adopt a value-added sales tax, which the federal government encourages as a way of improving Canada’s competitiveness.

Further details on the 2008-2009 New Brunswick budget are available on the province’s web site at: http://www.gnb.ca/0160/budget/buddoc2008/index-e.asp.

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