Highlights of the 2018 Newfoundland and Labrador Budget | KPMG | CA
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Highlights of the 2018 Newfoundland and Labrador Budget

Highlights of the 2018 Newfoundland and Labrador Budget

Newfoundland and Labrador’s Finance Minister Tom Osborne delivered the province’s 2018 budget on March 27, 2018.

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The budget anticipates a deficit of $812 million for 2017-18 and forecasts deficits of $683 million for 2018-19 and $507 million for 2019-20. Although the budget does not include any changes to the corporate or personal tax rates, it decreases the tax on automobile insurance and increases the exemption threshold of the provincial payroll tax, among other changes. The budget also notes that Newfoundland and Labrador is still finalizing its carbon pricing regime, and pledges to invest $1.7 million for the province's Mineral Incentive Program.

The budget notes that an independent review of the province's tax system announced in Newfoundland and Labrador's 2017 budget is still ongoing and recommendations will be considered for the 2019 provincial budget.

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