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.
Related Content
-
ProgressMay 07, 2024
Impact of Federal Budget 2024 on the Technology, Media & Telecommunications Sector
The 2024 federal budget proposes key tax measures that could impact businesses and entrepreneurs in the technology, media, and telecommunications (TMT) sector.
-
PerformanceMay 02, 2024
How will the 2024 federal budget impact professionals?
What do professionals need to know about the measures introduced in the 2024 federal budget? Discover five key areas that will impact professionals.
-
PerformanceApril 10, 2024
What should importers expect with CARM R2 and the CN24-14 blackout period announcement?
How will the upcoming changes at the Canada Border Services Agency (CBSA) impact businesses that import goods into Canada?
Insights
-
Confidence
May 09, 2024
Bill 19 – British Columbia (B.C.) Money Services Business Act: What you need to know before legislation takes effect
Learn about the upcoming Money Services Business Act in British Columbia and what it means for MSBs operating in the province.
-
Confidence
May 08, 2024
Five key financial considerations for dental grads
As new dental graduates embark on their careers, equipping them with financial knowledge sets them up for success.
-
Progress
May 07, 2024
Impact of Federal Budget 2024 on the Technology, Media & Telecommunications Sector
The 2024 federal budget proposes key tax measures that could impact businesses and entrepreneurs in the technology, media, and telecommunications (TMT) sector.