Newfoundland and Labrador 2025 Budget Highlights

Newfoundland and Labrador Minister of Finance Siobhan Coady tabled the province’s 2025 budget on Wednesday, April 9, 2025. This year’s budget — titled Smarter. Stronger. Better. — includes investments in education, health and seniors, supports affordability, and prepares for tariffs.

Budget highlights:

No new taxes, tax increases or fee increases were announced as part of the budget. Other key measures announced in the budget include:

• Maintaining the reduction in the small business tax rate from 3 percent to 2.5 percent on income tax payable and exemption of the Health and Post Secondary Education Tax from $1.3 million to $2 million.
• Indexation of the Seniors’ Benefit and its eligibility threshold to the Consumer Price Index, benefiting seniors aged 65 or older.
• 50 percent reduction on the provincial fuel tax, saving 8.05 cents per litre (including HST).
• Continuation of the home heating supplement of up to $500 for residents using furnace or stove oil to heat their homes.
• Elimination of the 15 percent retail sales tax on home insurance.
• Contingency of $200 million provided to address economic impacts associated with U.S. tariffs.

More details and highlights of the 2025 Newfoundland and Labrador Budget can be found here.