2023 Newfoundland and Labrador Budget Highlights
2023 Newfoundland and Labrador Budget Highlights
Newfoundland and Labrador Minister of Finance Siobhan Coady tabled the province’s 2023 Budget on Thursday, March 23, 2023.
Newfoundland and Labrador Minister of Finance Siobhan Coady tabled the province’s 2023 Budget on Thursday, March 23, 2023. This year’s budget, titled Your Health. Our Priority., is focused on investing in high-quality health care as well as ensuring strong fiscal management to support growth and prosperity.
No corporate or personal income tax rate changes were announced.
New tax measures in the budget include:
- Doubling of the Physical Activity Tax Credit, providing a refundable tax credit of up to $348 per family.
- Increasing the All Spend Film and Video Production Tax Credit to 40 percent (from 30 percent).
- Increasing the exemption threshold of the Health and Post-Secondary Education Tax from $1.3 million to $2 million.
- Elimination of the retail sales tax on home insurance.
- Five percent increase for the Income Supplement and the Seniors’ Benefit.
More details and highlights of the 2023 Newfoundland and Labrador Budget can be found here.
Insights
-
Performance
March 31, 2025
Tariff relief and federal support for Canadian businesses
Read our overview of the federal tax relief and support measures available to Canadian businesses impacted by tariffs.
-
Progress
March 28, 2025
New Trust Reporting Rules – Are You Ready?
Find out more about proposed new federal trust reporting rules which would increase disclosure requirements, and what you can do to prepare for them.
-
Progress
March 28, 2025
Are you ready to sell your land? Key considerations for farmers
Selling your farmland? The right strategy can protect your wealth and reduce taxes. Here’s what you need to know before you make a decision.
