Canada’s provincial states New Brunswick and Saskatchewan have announced their budgets for 2025.

New Brunswick 2025-16 budget

Finance Minister René Legacy presented the provincial 2025-26 budget for New Brunswick on 18 March 2025. It includes no corporate or personal tax rate changes and no new or expanded tax credits.

However, the province has created a CAD 112 million support package, including CAD 25 million for a business support programme through Opportunities New Brunswick, to address the uncertainty caused by the new US tariffs on Canadian products.

Corporate income tax rates

There are no reported corporate tax rates or CA$500,000 small-business limit changes.

2025 New Brunswick corporate income tax rates

Personal income tax rates

The budget does not propose changes to personal income tax rates.

Goods and services tax/Harmonised sales tax (GST/HST)

In partnership with the federal government, the New Brunswick government will rebate the 10% provincial HST on eligible purpose-built rental housing for construction starting between 15 November 2024 and 31 December 2027, with completion by 31 December 2029.

Saskatchewan 2025-26 budget

The Deputy Premier and Minister of Finance, Jim Reiter, presented Saskatchewan’s 2025-26 budget on 19 March 2025. The budget includes no changes to corporate and personal tax rates.

The key measures of the budget are as follows:

Small and medium enterprise investment tax credit 

A new Small and Medium Enterprise Investment Tax Credit has been introduced. This credit provides a 45% non-refundable tax credit for individuals or corporations that invest in the equity of an eligible Saskatchewan small and medium enterprise.

Oil infrastructure investment programme 

Introduced in the 2019-20 Budget, the Oil Infrastructure Investment Programme provides transferable royalty and production tax credits at 20% of eligible project costs for projects that boost provincial pipeline capacity. The 2025-26 Budget announces a four-year extension of the new application acceptance period to 31 March 2029. It also extends the deadline for claiming royalty credits from 2035 to 2040.

Provincial sales tax (PST) rebate on new home construction 

Saskatchewan’s 2025-26 budget has made the PST Rebate for New Home Construction a permanent programme.

Introduced in the 2020-21 Budget and expanded in 2023, the PST Rebate for New Home Construction offers up to 42% back on PST for new, unoccupied homes. The programme applies to homes priced under CAD 550,000 before taxes, excluding land, furniture, and appliances. The rebate phases out for homes priced between CAD 450,000 and CAD 550,000.

Personal income tax credits 

Saskatchewan residents will pay less in taxes due to higher personal income tax credits. Indexation and enhanced credits will reduce provincial income taxes for individuals and families starting in 2025.