Budget Update: Increased Spending, No New Taxes While Facing Tariff Uncertainty
April 15, 2025On April 9, 2025, Newfoundland and Labrador’s Liberal Government tabled its last budget before it will elect a new leader and go to the polls in a mandated provincial election this Fall. Given the economic uncertainty in its trading relationship with the United States, the government tabled a budget with no new tax increases, record spending of $11 billion and record borrowing. Although there were no specific budget initiatives for the retail sector, the significant spending on infrastructure improvements, food security and prescription drug access could provide some opportunities for RCC members in the province.
