Canada: No changes to income tax rates in 2025 budget (Newfoundland and Labrador)
Eligibility threshold for the “seniors’ benefit” would be indexed to the consumer price index.
The Newfoundland and Labrador Finance Minister on April 9, 2025, delivered the province’s 2025 budget, which does not propose any changes to corporate or individual (personal) income tax rates.
The budget does include a CA$200 million contingency fund to address the economic impacts associated with the uncertainty of U.S. tariffs and associated counter tariffs.
In addition, the budget announced that the eligibility threshold for the “seniors’ benefit” would be indexed to the consumer price index.
Read an April 2025 report prepared by the KPMG member firm in Canada