Health spending helped push New Brunswick deficit to record $1.3B in last fiscal year

Source: New Brunswick - Regional News
Date: 2026-09-25 13:46:00.0
Tags: [New Brunswick, Finance, Healthcare, Social Services, Economy, Taxation]

The Government of New Brunswick announced a record deficit of $1.3 billion for the previous fiscal year, more than double the $549-million shortfall projected in the March 2025 budget by the Liberal government. Provincial revenues fell short by nearly $217 million due to lower harmonized sales taxes and reduced corporate and personal income taxes. Conversely, expenses exceeded expectations by almost $538 million, primarily driven by increased spending on healthcare and social development. Finance Minister René Legacy noted that the province closed the fiscal year with a net debt of $13.9 billion while facing ongoing cost pressures and potential U.S. trade tariffs.