Newfoundland and Labrador’s Finance Minister Siobhan Coady delivered the province’s 2021 budget on May 31, 2021. The budget anticipates a deficit of $1.6 billion for 2020-21 and projects a deficit of $826 million for 2021-22 and $587 million for 2022-23. Although the budget does not include any new changes to the corporate tax rate, it increases certain personal tax rates for high income earners and creates three new tax brackets for those who earn more than $250,000, effective January 1, 2022. The budget also introduces a Physical Activity Tax Credit and a sugar-sweetened beverage tax, among other changes.

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