Welcome to Finance

The Department of Finance is responsible for supporting Government in the development of fiscal, financial, statistical and economic policy. These responsibilities are primarily achieved by providing timely analysis and advice to government departments and agencies; Cabinet; and the Committees of Cabinet, particularly Treasury Board for which the Minister of Finance serves as President. The Department is also responsible for providing government-wide comptrollership oversight to ensure the appropriate use of public funds.

Latest News

    • The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, today released the province’s annual Fiscal and Economic Update, which provides a snapshot of the province’s fiscal situation at the midway point of the fiscal year ending March 31, 2020.
    • The Government of Newfoundland and Labrador has reached a tentative agreement with the Newfoundland and Labrador Association of Public Employees (NAPE) to extend 16 current collective agreements until March 31, 2022. These agreements are subject to ratification by NAPE’s over 16,000 members from across the province.
    • The Provincial Government today announced several measures related to the cannabis industry in the province as it prepares for the implementation of new products later this month. The aim of these measures is to protect public health while also supporting local retailers.
    • Today, the Honourable Tom Osborne, Minister of Finance and President of Treasury Board, introduced amendments to the Liquor Corporation Act to realign the governance structure of the Newfoundland and Labrador Liquor Corporation (NLC) to better reflect the current operational realities of the corporation.
    • The Department of Finance is advising all suppliers of goods and services to the Provincial Government of an upcoming change to the mailing address for some accounts payable invoices.
    • The 2018-19 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2019, have been released and tabled with the House of Assembly. The deficit for 2018-19 has been revised to $552.1 million, a $30.6 million change from the 2018-19 revised estimate released during Budget 2019, which represents a change of less-than-half of a per cent from the overall budget. This marks an improvement of $130.8 million from the original Budget 2018 projection.
    • In accordance with the Federal Government’s Cannabis Act and Regulations, the second phase of cannabis legalization related to non-medical cannabis edibles, extracts and topicals is now in effect in Newfoundland and Labrador. Under these regulations, as of October 17 licensed producers can begin submitting edible and topical products to Health Canada to be subjected to a review and approval process
    • The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, today announced that S&P and DBRS have once again confirmed the provincial government’s credit ratings. S&P has maintained a stable outlook (long-term ‘A’ and short-term ‘A-1’) for the province. The stable outlook reflects S & P’s expectations that, within the next two years, the government's persistent fiscal efforts will further lower operating and after-capital deficits.
    • The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, is acknowledging the House of Assembly’s passing of Budget 2019 – Working Towards a Brighter Future. Budget 2019 reflects the priorities of Newfoundlanders and Labradorians as it is focused on long-term financial sustainability, improving access to government services, and helping to create jobs and encourage economic growth.
    • As committed in Budget 2019, the Provincial Government is eliminating the remaining 13 per cent Retail Sales Tax (RST) on automobile insurance. To accomplish this, the Honourable Tom Osborne, Minister of Finance and President of Treasury Board, will introduce the necessary changes to the Revenue Administration Act today in the House of Assembly.
    • The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, will re-introduce Budget 2019: Working Towards a Brighter Future, today in the House of Assembly.
    • The Provincial Government today announced it has reached a collective agreement with the Registered Nurses Union of Newfoundland and Labrador (RNUNL). Ratification of this agreement concluded on Thursday, May 30, 2019.
    • Through Budget 2019, the Provincial Government is providing tax relief and reducing costs for residents across the province. Budget 2019 includes no tax or fee increases, and government is taking the additional step of eliminating the Retail Sales Tax (RST) on automobile insurance. This change will be implemented by early July and will be retroactive to April 16, 2019. Those who renew their insurance between now and July will receive a rebate for the RST payment on their insurance.
    • Budget Speech 2019 delivered by the Honourable Tom Osborne, Minister of Finance and President of Treasury Board, at the Fourth Session of the Forty-Eighth General Assembly of the House of Assembly:
    • Budget highlight sheets outlining initiatives in Budget 2019 can be accessed at the following links: