New Brunswick Reports Unexpected $500 Million Budget Surplus

The surplus, driven by economic growth and population increase, comes just before the provincial election.

New Brunswick's Finance Minister Ernie Steeves announced a $500.8 million surplus for the fiscal year ending in March, far exceeding the initial $40.3 million projection.
The surplus is attributed to a strong economy and increased population, with significant contributions from harmonized sales tax revenue and federal funding, particularly for healthcare.
Premier Blaine Higgs has pledged to reduce the harmonized sales tax by two percentage points to 13% if re-elected in the upcoming election.
Despite the surplus, the province's net debt has decreased from $12.3 billion to $11.8 billion, but a $27.6 million deficit is projected for the current fiscal year.
Liberal critic René Legacy argues that the surplus should be used to address ongoing issues in healthcare, housing, and education rather than implementing tax cuts.