New Brunswick (NB) Budget 2023 Highlights for Business Grants, Loans, and Tax Credits
The provincial government of New Brunswick (NB) has released its 2023-24 budget plans which include increased spending on healthcare, education, and climate change funding initiatives. With an overall budget of $12.2 billion, the government aims to balance the budget within the next four years with a projected deficit of over $430 million, continuing the trend of deficit reduction seen over the past two years.
Want to learn more about other provincial and federal budget updates from 2023? Check out our 2023 budget highlights page for a collection of reviews.
The New Brunswick Budget 2023 comes as the province experiences a surge in population growth, which has put a strain on funding for essential services. As for provincial business and private sector support, there is increased funding for agriculture, tourism, community maintenance, and a large segment of funding towards clean technology as the province transitions to a low-carbon economy.
“Our government is proud of the commitment we have made to being responsible with taxpayers’ money, and offering a balanced approach to spending on priorities, while ensuring a sustainable financial future. Today’s budget builds on that foundation of delivering for New Brunswickers and investing in opportunities for growth and services that will support an increasing population.”Ernie Steeves, Finance and Treasury Board Minister
This article reviews business-related highlights announced in the NB Budget 2023-24 as they relate to government funding and tax credit incentive programs, as well as budget breakdowns including information about healthcare and education updates reported for the province.
Private Business Sector Revitalization
New Brunswick is supporting the province’s private sector to ensure it will be more attractive to businesses looking to operate out of the east coast. Investments are focused on filling job openings with skilled immigrants, stimulating the agri-sector with the Sustainable Canadian Agricultural Partnership, and making facilities and communities better for all.
- $1.6 million will be invested in programs and services to support immigration and accelerate the growth of the private sector and job creation. High growth opportunities will be facilitated by effective management of provincial immigration priorities and newcomer support systems, strategic markets, and sustainability;
- A Crown land silviculture program will be funded at $4.5 million to support and manage silviculture on Crown and private land;
- As a result of the reductions in Personal Income Tax rates in 2023, additional tax relief of approximately $70 million will be provided;
- $2 million will be invested in the Department of Tourism, Heritage, and Culture to increase marketing efforts;
- $1.73 million will be allocated to the Sustainable Canadian Agricultural Partnership to improve agriculture, agri-food, and agri-based products’ competitiveness, innovation, and resilience;
- Managing the impact of rising commodity prices on building and transportation assets will be supported by $14 million;
- To support New Brunswick’s transition to a low-carbon economy, $10 million will be invested in energy efficiency and conservation programs;
- A total of $1.5 million will be invested in preventing bridge failures and inspecting provincial bridges, culverts, and seawalls connected to the provincial highway system; and
- A total of $900,000 will go toward increasing park staff, maintaining facilities, and offering programs and services. With these offerings, everyone can enjoy wellness, education, and enjoyment in a natural and cultural setting.
Businesses can learn more about government funding opportunities by visiting the Government Funding Directory. This tool lets users easily filter through the top programs currently available to find the best match.
Building a Reliable Public Health System
The province has dedicated a significant amount of money in the New Brunswick provincial Budget 2023 for the health system. These investments are designed to attract and retain healthcare professionals, as well as improve current health programs for critical health fields, such as cancer and diabetes.
- $3.6 billion will be allocated to health care in New Brunswick, including $39.2 million for primary health care improvements;
- $10.4 million is allocated to transform primary health care and increase the number of team-based doctors;
- An additional $6.4 million will be spent on expanding pharmacist assessment and prescribing services, as well as continuing support for eVisitNB;
- New Brunswick Cancer Network programs will receive $3.3 million;
- Medical residency training will be supported with $2.3 million;
- New Brunswickers will benefit from the expansion of the insulin pump program and improved diabetes management thanks to funding of $2.1 million; and
- A total of $29.7 million will be allocated to address healthcare recruiting and retention challenges. These funds will support retaining New Brunswick health staff in occupations within the province, as well as tencouraging healthcare professionals to relocate to the province.
Investing in Education
New Brunswick is investing heavily in childcare and educational programs to ensure the future workforce is well prepared to contribute to the economy and create a prosperous future for the province. Existing investments have been increased from previous years’ budgets with an additional $37 million in funding support, which brings the total to $143 million. This funding will be allocated to a variety of different use-cases that range from updating facilities and providing necessary resources to ensuring educators are fairly compensated for their contributions.
Tax Supports for New Brunswick
The New Brunswick Budget 2023 has brought forth some tax updates that residents and businesses should be aware of. To see a comprehensive review of these updates, as well as more tax information, read this budget’s the Ryan Tax Alert.
Tax credits are an incredible way for businesses to leverage government support to achieve their business goals. One of the top government funding programs available today is the Scientific Research & Experimental Development Tax Credit.
Want to know if you’re eligible for this tax credit? Watch the video below for a comprehensive review of the program.
Discover More Government Funding Opportunities for Your Business
If your business is interested in finding government funding programs such as grants, loans, tax credits, and more to fund your business activities, visit our Government Funding Directorytoday to review the top programs currently available.
Also, make sure that you sign up for one of our free government funding webinars to hear from industry experts about how to leverage funding programs to achieve your business goals.