Canada: Tax proposals in 2021 budget (Newfoundland and Labrador)

Tax proposals in the 2021 budget for Newfoundland and Labrador

Tax proposals in the 2021 budget for Newfoundland and Labrador

The 2021 budget for Newfoundland and Labrador was delivered 31 May 2021.

The province’s budget does not propose any changes to the corporate tax rate.

However, the budget proposes to increase certain individual (personal) income tax rates for high income earners and proposes to create three new tax brackets for those who earn more than $250,000* effective January 1, 2022.

Other measures in the budget include a physical activity tax credit and a sugar-sweetened beverage tax and to increase the rate of tax on cigarettes and tobacco.

Read a May 2021 report [PDF 245 KB] prepared by the KPMG member firm in Canada
 

*$=Canadian dollar

 

 

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