On April 6, 2017, Newfoundland and Labrador Finance Minister
Cathy Bennett tabled the province's 2017-18 budget.
The budget forecasts a deficit of $1.1 billion for the 2016-2017
fiscal year, which is down from the original forecast of $1.83
billion announced in last year's budget. The decrease in the
deficit is due to a decrease in expenditures as well as an
improvement in revenues. The government is also anticipating a
deficit of $778 million for 2017-18 and is expected to be on track
to return to a surplus in 2022-23.
As communicated in last year's budget, the government is
committed to ensuring tax increases are balanced with tax
competitiveness. As such, the government will initiate a
comprehensive independent review of the tax system this fiscal year
and will be completed within the government's current
mandate.
