The Canadian Taxpayers Federation released its Finance Minister Report Card today, ranking provincial finance ministers on spending, debt and tax relief in the latest provincial budgets.

New Brunswick Finance Minister René Legacy received an overall grade of D, ranked fifth overall for the country.

“Legacy broke his government’s election promise to not run up government debt and has now put taxpayers on the hook for irresponsible borrowing,” said Devin Drover, CTF Atlantic Director. “New Brunswick families have to live within their means, but Legacy based his first budget on taking out huge loans with no plans to pay them back.

“Meanwhile, despite rising cost and the threat of tariffs, Legacy has done nothing to cut taxes and make life more affordable for New Brunswickers.”

Legacy received the following grades in each category:

Debt: C

• The government of New Brunswick is planning to increase the debt by $751 million this year, compared to last year’s budget. The debt will reach $13.4 billion by the end of the year. That works out to about $15,634 per New Brunswicker, the lowest in the country. This budget is the first that adds to the debt after a long period of paying down debt in previous budgets.

Debt interest payments: C

• Debt interest payments will cost taxpayers $673 million this year, or about $783 per person. That’s third lowest in the country, but the increase in debt doesn’t even cover the cost of the current interest charges on the government debt. 

Spending Increase: D

• The government is spending about 8.2 per cent more this year compared to last year’s budget. That’s the fourth highest in the country.

Tax Relief: D

• The budget also features no tax relief for New Brunswickers.

“After years of paying down debt, New Brunswick is starting to dangerously pile up debt again,” Drover said. “Legacy needs to reign in spending and immediately stop irresponsibly borrowing money.”

Overall ranking of provincial finance ministers:

You can find the full report card HERE.