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October 1, 2020

Newfoundland and Labrador budget 2020-21 discussed

Newfoundland and Labrador Finance Minister Siobhan Coady tabled the province's fiscal 2020-21 budget on September 30. The budget contains no new income taxes and no income tax increases. The minister anticipates a deficit of $1.84 billion for 2020-21, a $300 million reduction from the province's July fiscal update. A multi-year budget forecast was not prepared as part of this budget due to uncertainties stemming from the COVID-19 pandemic.

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.


Full text of Tax Alert