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2016-2017 Newfoundland and Labrador budget highlights

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Apr 14, 2016

On April 14, 2016, Finance Minister and President of the Treasury Board, the Honourable Cathy Bennett, presented the 2016 Newfoundland and Labrador budget, “Restoring Fiscal Confidence and Accountability”.

The government estimates that the forecasted deficit for 2015–2016 will be $2.2 billion against a previously budgeted $1.1 billion deficit. This is largely due to the continued decline in offshore oil royalties from both decreased production and the large drop in commodity prices. The budget has various measures designed to increase annual revenue and reduce expenditures such that the government is targeting a small surplus by 2022–2023, as opposed to a deficit of $1.9 billion if no action was taken.

The budget is robust - as expected - with measures that affect every person living in Newfoundland and Labrador. This is a direct consequence of the falling commodity prices and uncertainty about levels of oil revenues in the future.

The announced changes to taxation in Newfoundland and Labrador are outlined in our Canadian tax alert

For further details, we refer you to the Ministry of Finance website.

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