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April 08, 2022

Tax Highlights From the 2022 Newfoundland and Labrador Budget

Minister of Finance Siobhán Coady tabled the 2022/2023 Newfoundland and Labrador provincial budget on April 7, 2022.

The budget predicts a deficit of $400 million for 2021/2022 fiscal year, an improvement of $426 million from the projected deficit in Budget 2021. The projected deficit for the 2022/2023 fiscal year is $351 million. Deficits are expected to continue in the following three years, but the government is predicting a return to a surplus in fiscal year 2026/2027. The province’s net debt is projected to reach $17.1 billion this year. Read more here.

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