New Brunswick taxpayers set to receive major income tax relief
The Canadian Taxpayers Federation released its annual New Year’s Tax Changes report today to highlight the major tax changes in 2023. The report shows that Premier Blaine Higgs is delivering major income tax relief for New Brunswick taxpayers.
“New Brunswickers are set to receive the largest income tax relief anywhere in Canada next year,” said CTF Interim Atlantic Director Jay Goldberg. “Higgs should be applauded for his bold tax relief plan.”
Earlier this fall, Higgs announced plans to reduce the overall tax rate for income earned in every tax bracket above $44,887. That relief will translate into hundreds of dollars of tax relief for thousands of New Brunswick taxpayers.
The report also outlines four tax hikes that New Brunswickers will be facing at the federal level.
- Canada Pension Plan tax: Workers earning $66,600 or more will pay an extra $255 through the Canada Pension Plan tax in 2023. Their employers will also pay an extra $255.
- Employment Insurance tax: Workers earning $61,500 or more will pay an extra $50 through the Employment Insurance tax in 2023. Their employers will also pay an extra $70.
- Second carbon tax: The federal government is imposing a second carbon tax through fuel regulations on July 1, 2023. The second carbon tax will increase the price of gas by up to 13 cents per litre by 2030. There are no rebates for the second carbon tax.
- Liquor escalator tax: The federal liquor escalator tax will increase liquor taxes by 6.3 per cent on April 1, 2023. Taxes already account for about half of the price of beer, 65 per cent of the price of wine and more than three quarters of the price of spirits.
“Other countries are cutting taxes, but Ottawa is sticking Canadians with higher bills,” said CTF federal Director Franco Terrazzano. “Prime Minister Justin Trudeau needs to stop wasting so much money and cut taxes.”
You can read the CTF’s New Year’s Tax Changes report here.