FREDERICTON – The New Brunswick government has delivered a budget that hikes tobacco taxes and eliminates previous income tax cuts as it tries to wrestle with a deficit projected to grow to $479 million.
Here are some highlights of the New Brunswick budget:
- A projected deficit of $479 million in an $8.5 billion spending program.
- Net debt is expected to reach $11.6 billion by March 2014, an increase of $594 million – that’s $15,365 for every man, woman and child in the province.
- On July 1, personal income tax rates will be returned to 2006 levels – an increase of about $3 per week for a single person making $40,000 per year.
- The corporate income tax rate will increase to 12 per cent from 10 per cent on July 1, a measure expected to generate $17 million in extra revenue for 2013-14.
- The tobacco tax on cigarettes will be increased by two cents per cigarette as of Wednesday.
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