Highlights of the 2017 Newfoundland and Labrador Budget | KPMG | CA

Highlights of the 2017 Newfoundland and Labrador Budget

Highlights of the 2017 Newfoundland and Labrador Budget

Newfoundland and Labrador Finance Minister Cathy Bennett delivered the province’s 2017 budget on April 6, 2017.

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The budget anticipates a deficit of $778 million for the 2017-2018 fiscal year, $644 million for the 2018-2019 fiscal year and $342 million for the 2019-2020 fiscal year. Although the budget does not make any changes to the personal or corporate tax rates, it announces the phase-out of the temporary gas tax and notes that Newfoundland and Labrador will conduct a comprehensive independent review of its tax system. In addition, the budget pledges to invest $1.7 million for the province’s Mineral Incentive Program.

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