Newfoundland and Labrador flag blowing in wind

Newfoundland and Labrador 2025 Budget Highlights

Newfoundland and Labrador 2025 Budget Highlights

Synopsis
2 Minute Read

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.

Insights

  • Performance

    May 20, 2025

    How to ensure your assessment is accurate to maximize your property tax savings

    Property tax errors happen all the time, and many organizations may not realize just how much they’re overpaying.

  • Agility

    May 15, 2025

    Balancing innovation and humanity: How automation is reshaping Canada’s workforce

    AI and automation are reshaping work in Canada. Learn how mid-market businesses can adapt while keeping people, culture and skills at the core.   

  • Performance

    May 15, 2025

    Ontario 2025 Budget Highlights

    View a summary of MNP’s highlights from the 2025 Ontario Budget.