POLITICS

Highlights of the 2013-2014 budget for New Brunswick

03/26/2013 01:13 EDT | Updated 05/26/2013 05:12 EDT
FREDERICTON - Highlights of the New Brunswick budget introduced Tuesday:

— A projected deficit of $479 million in an $8.5 billion spending program.

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— 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.

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— 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.

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— 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.

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— The tobacco tax on cigarettes will be increased by two cents per cigarette as of Wednesday.