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2023 Newfoundland and Labrador Budget Highlights

2023 Newfoundland and Labrador Budget Highlights

Synopsis
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Newfoundland and Labrador Minister of Finance Siobhan Coady tabled the province’s 2023 Budget on Thursday, March 23, 2023.

Newfoundland and Labrador Minister of Finance Siobhan Coady tabled the province’s 2023 Budget on Thursday, March 23, 2023. This year’s budget, titled Your Health. Our Priority., is focused on investing in high-quality health care as well as ensuring strong fiscal management to support growth and prosperity.

No corporate or personal income tax rate changes were announced.

New tax measures in the budget include:

  • Doubling of the Physical Activity Tax Credit, providing a refundable tax credit of up to $348 per family.
  • Increasing the All Spend Film and Video Production Tax Credit to 40 percent (from 30 percent).
  • Increasing the exemption threshold of the Health and Post-Secondary Education Tax from $1.3 million to $2 million.
  • Elimination of the retail sales tax on home insurance.
  • Five percent increase for the Income Supplement and the Seniors’ Benefit.

More details and highlights of the 2023 Newfoundland and Labrador Budget can be found here.

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