New Brunswick has transformed itself from a fiscal basket case to a national leader in economic management. Thanks to that strong leadership, the province now has an opportunity to pursue historic tax relief.

If Premier Blaine Higgs continues with his careful budgeting, New Brunswick could afford to completely eliminate its sales tax by 2032, saving the typical family more than $4,100 a year.

That’s according to a new Fraser Institute report.

Just five short years ago, New Brunswick’s debt was spiralling out of control. The idea of tax relief seemed like a distant dream.

The year before Higgs was elected, former premier Brian Gallant increased New Brunswick’s net debt by more than $1 billion and ran the province’s tenth straight deficit. Money spent on interest charges alone exceeded New Brunswick’s entire post-secondary education budget.

Today, New Brunswick is a national leader when it comes to financial management. Between 2018 and 2023, Higgs led the only government in Canada that posted a surplus every year, including throughout the pandemic.

Thanks to Higgs’ careful economic management, New Brunswick has run five straight surpluses, which has allowed the government to repay $2 billion of debt.

New Brunswick’s debt-to-GDP ratio declined from more than 40 per cent just five short years ago, to 25 per cent today, one of the lowest levels in Canada.

Here’s another statistic: New Brunswick is spending $70 million less this year on debt interest charges than the year before Higgs took office. Even though interest rates are way up, interest payments are way down. That’s because the province’s debt load is now $2 billion lower.

All of that is due to Higgs’ careful efforts to restore the state of New Brunswick’s finances.

Higgs took office when New Brunswick was the most indebted province relative to the size of its economy, other than Quebec. Today, New Brunswick’s fiscal position is by far the best in Atlantic Canada.

Higgs has succeeded in taking the first crucial step toward securing a better future for New Brunswick: the province’s books are in good shape and debt continues to fall. Now it’s time for Higgs to pursue the second crucial step: deliver historic tax relief.

The best place to look is slashing the sales tax. Lowering the sales tax would benefit every New Brunswicker and help taxpayers confront the challenges of high living costs and stubborn inflation.

The Fraser Institute says New Brunswick can eliminate its 10 per cent provincial sales tax within the next nine years, as long as the Higgs government continues to keep spending in check. This year alone, there will be enough fiscal room to cut the HST by two percentage points.

Alternatively, the Higgs government could phase-in income tax cuts. By 2032, New Brunswick will have enough fiscal room to reduce the average income tax bill by more than $3,600 a year.

Either option would lead to massive savings for hardworking taxpayers.

Higgs has done a stand-up job in restoring New Brunswick’s finances. Now it’s time for Higgs to cement his legacy by ensuring New Brunswickers face the lowest tax burden in Atlantic Canada.