ST. JOHN'S — Newfoundland and Labrador's budget for the 2025-26 fiscal year, introduced on Wednesday, is in deficit and includes money to help the economy weather the potential economic storm resulting from U.S. tariffs on Canadian goods.
Here are some highlights:
— Total spending forecast to be $11 billion, with a projected deficit of $372 million.
— $4.1 billion in borrowing, with net debt to hit $19.4 billion.
— Royalties from the four offshore oilfields off the province's east coast will account for roughly 15 per cent of revenues.
— No new taxes, tax increases or fee hikes.
— $20-million increase to the teaching services budget, to fund more than 400 new teachers and learning assistants.
— Health spending totalling $4.4 billion, accounting for roughly 40 per cent of total spending.
— $200-million contingency fund “to provide the flexibility to address economic impacts” of U.S. tariffs.
— $90 million over three years to support offshore oil exploration.
— $10 million for a loan guarantee program aimed at locally owned restaurants.
— $10 million for a new venture capital fund for technology companies.
This report by The Canadian Press was first published April 9, 2025.
The Canadian Press
