Newfoundland and Labrador’s Finance Minister Siobhan Coady delivered the province’s 2024 budget on March 21, 2024. The budget anticipates a deficit of $433 million for 2023-24 and projects a deficit of $152 million for 2024-25 and a surplus of $58 million for 2025-26. The budget reduces the province’s small business income tax rate to 2.5% (from 3%), effective January 1, 2024, but does not include any new changes to personal tax rates, or other tax changes.

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