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Newfoundland and Labrador 2025 Budget Highlights

Newfoundland and Labrador 2025 Budget Highlights

Synopsis
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Newfoundland and Labrador Minister of Finance Siobhan Coady tabled the province’s 2025 budget on Wednesday, April 9, 2025.

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.

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