Welcome to Finance

The Department of Finance is responsible for the development of fiscal, financial, statistical and economic policy. These responsibilities are primarily achieved by providing analysis and advice to Cabinet, Committees of Cabinet, government departments and agencies, boards and commissions. The department is responsible for the development and oversight of the annual provincial budget, the administration of provincial tax statutes, management of provincial borrowing and debt, project analysis, economic and fiscal forecasting, negotiation of federal transfers, and representing the province on national fiscal, economic and statistical matters.

Latest News

    • Budget 2024 will be delivered in the House of Assembly on Wednesday, March 20. It will continue to build a stronger, smarter, self-sufficient and sustainable province, through prudent fiscal management.
    • Today, the Government of Newfoundland and Labrador is announcing an extension of the tax reduction on gasoline and diesel until March 31, 2025. This maintains a lower price at the pump by 8.05 cents per litre (includes HST), the lowest provincial tax on gasoline among all the provinces.
    • Today, the Provincial Government announced it is seeking expressions of interest from property developers that are undertaking new purpose-built residential rental development projects in Newfoundland and Labrador.
    • The Government of Newfoundland and Labrador is proceeding with Phase III of the review of the province’s current offshore oil and gas interests. Specific focus will be on the province’s 4.9 per cent equity position in Hebron, 8.7 per cent equity position in the Hibernia Southern Extension, five per cent equity position in the White Rose Extension project, and the asset and exploration teams and intellectual property within Oil and Gas Corporation of Newfoundland and Labrador.
    • The Government of Newfoundland and Labrador is extending the deadline for residents to apply for the home heating supplement. Those who qualify now have until January 15, 2024, to apply to the program.
    • In advance of Budget 2024, residents are invited to take part in a pre-budget questionnaire. The deadline to provide feedback through engageNL is Friday, December 15, 2023.
    • The Provincial Government is reminding residents that the Home Heating Supplement Program is open for applications until November 30, 2023. The supplement, which ranges between $200 and $500, is available to residents of the province whose adjusted family income for 2022 was $150,000 or less and who have directly incurred costs for the purchase of furnace or stove oil to heat their principal residence.
    • The Honourable Siobhan Coady, Deputy Premier and Minister of Finance, today delivered the mid-year fiscal and economic update, highlighting a stable financial situation and a strong economic outlook for Newfoundland and Labrador.
    • Two new appointments and one reappointment to the Newfoundland and Labrador Liquor Corporation (NLC) Board of Directors were announced today by the Provincial Government.
    • In partnership with credit unions throughout Newfoundland and Labrador, the Provincial Government is introducing a new two-year pilot project to assist small businesses with growth and expansion.
    • The Government of Newfoundland and Labrador reminds residents that the home heating supplement program is open for applications until November 30, 2023. The supplement, which ranges between $200 and $500, is available to residents of the province whose adjusted family income for 2022 was $150,000 or less and who have directly incurred costs for the purchase of furnace or stove oil to heat their principal residence.
    • The Government of Newfoundland and Labrador is supporting the removal of federal and provincial tax on new rental housing builds in Canada to help alleviate the current housing crisis.
    • The Honourable Siobhan Coady, Deputy Premier, Minister of Finance and President of Treasury Board, today commented on the news that DBRS Morningstar has upgraded the Provincial Government’s long-term debt to A from A (low), and changed the trend on all long-term ratings to stable. This is the first time in 12 years that the province has received an upgraded credit rating, and demonstrates that the province’s financial situation is moving in the right direction.
    • The Honourable Siobhan Coady, Deputy Premier, Minister of Finance and Minister Responsible for the Newfoundland and Labrador Liquor Corporation, today announced the appointments of a new chair and vice-chair to the Newfoundland and Labrador Liquor Corporation (NLC) Board of Directors.
    • The Government of Newfoundland and Labrador has significant concerns that the Government of Canada’s proposed clean fuel regulations, which come into effect on July 1, 2023, fail to address the province’s unique geography and economy and will disproportionately cause economic harm to Newfoundlanders and Labradorians and the Atlantic region as a whole.