On 21 March 2024, Newfoundland and Labrador Deputy Premier and Finance Minister Siobhan Coady tabled the province's fiscal 2024-25 budget. The budget contains no new taxes and no tax increases but includes a reduction in the small-business income tax rate.
The minister anticipates a deficit of CA$152m for 2024-25, representing 1.5% of revenues. The province projects a balanced budget for 2025-26 and for the foreseeable future.
A brief summary of the key tax measures follows.
Business tax measures
Co…