Newfoundland and Labrador Budget Report 2014

SHARED PROSPERITY, FAIR SOCIETY, BALANCED OUTLOOK

On March 27, 2014, the Honourable Charlene Johnson, Minister of Finance and President of Treasury Board, tabled her first budget. The budget provides for spending on infrastructure and a number of social programs, while also maintaining the government’s commitment to return to a balanced budget as set out last year under its 10-year Sustainability Plan.

The deficit reported for 2013-14 is $349 million, which is a decrease from the $564 million deficit that was forecast last year due largely to lower than projected net expenses. However, when compared to 2013-14, a higher deficit, $538 million, is forecast for the 2014-15 fiscal year. A surplus is predicted for 2015-16 and is expected to continue for
2016-17.

Highlights

• Deficit of $349 million projected for 2013-14
• Deficit of $538 million forecast for 2014-15
• Corporate small business tax rate reduced to 3%
• Personal tax rate increase on dividend income

Download our full budget report