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Saint John, NB, Canada / The Wave
May 12, 2021 | 5:22 AM
The Higgs government has proposed using a portion of its $163-million carbon tax revenue to lower income tax rates for those in the lowest tax bracket.
New Brunswick’s first tax bracket would see rates drop from 9.68 per cent to 9.4 under the province’s plan, and the low-income tax reduction threshold would rise from $17,630 to $17,840 in 2021.
In total, a combined $106 million would be returned to taxpayers, including $28 million earmarked for the more than 420,000 New Brunswickers in the first tax bracket.
The lion’s share of the carbon tax revenue is a $78-million portion which the government says would be diverted to taxpayers through last year’s reduction in gasoline and diesel taxes.
But with respect to the agreements themselves, there are actually legal provisions within those commercial arrangements that dictate the time frames and that termination notice needed to be sent out when it was sent out.
Earlier this month, Premier Blaine Higgs announced his government would be pulling out of tax-sharing agreements with 13 Mi kmaq and Wolastoqey First Nations.
In place since 1994, those agreements fuelled economic growth in some Indigenous communities by allowing First Nations to keep 95 per cent of on-reserve gas tax revenue up to $8 million and 70 per cent of amounts beyond that.
The Grey Rock Power Centre in Madawaska is one of several First Nation truck stops in New Brunswick covered by tax sharing agreements with the province.(Julia Wright / CBC)
New Brunswick First Nations chiefs say notice to end tax deal came nine months early
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