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June 12, 2019
Canada: Newfoundland and Labrador re-introduce 2019/20 budget
On 11 June 2019, Newfoundland and Labrador Finance Minister and President of the Treasury Board Tom Osborne retabled the province’s pre-election fiscal 2019/2020 budget as its post-election fiscal 2019/20 budget.
All tax measures announced in the 16 April pre-election budget have thus been reintroduced.
Given that Newfoundland and Labrador is in a minority government situation, it is possible that the budget may be amended before its adoption.
On 16 April 2019, Newfoundland and Labrador Finance Minister and President of the Treasury Board Tom Osborne tabled the province’s fiscal 2019/20 budget. The budget contains no new taxes and no tax increases.
The Minister anticipates a surplus of CA$1.9 billion for 2019/20 and projects a deficit for the following two years. The 2019/20 surplus is primarily a result of the accrual of the guaranteed revenue stream secured by the province, as part of the recently updated Atlantic Accord agreement.
For a brief summary of the key tax measures, see EY Global Tax Alert, Canada: Newfoundland and Labrador issues budget 2019/20, dated 18 April 2019.
For additional information with respect to this Alert, please contact the following:
Ernst & Young LLP (Canada), St. John’s