On September 30, 2020, Siobhan Coady, Minister of Finance and Deputy Premier tabled Newfoundland and Labrador’s 2020-21 budget.
Due to the uncertainties related to the pandemic, the provincial government has not provided a multi-year forecast.
Budget 2020 projects a deficit of $1.84 billion in the 2020-21 fiscal year.
This deficit is larger than the deficit of $796 million forecasted in Budget 2019 for 2020-21.
Newfoundland and Labrador’s corporate tax rates for 2020 are summarized as follows: