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Newfoundland and Labrador's 2024-25 Provincial Budget: “Transforming: Our Health. Our Economy. Our Province.

On March 21st, the Government of Newfoundland and Labrador introduced its Provincial Budget entitled, “Transforming: Our Health. Our Economy. Our Province.” Introduced by Newfoundland and Labrador’s Deputy Premier and Minister of Finance, Siobhan Coady, it is the Minister’s third budget of this government’s mandate. The 2024-25 Budget includes revenues of $10.3 billion and expenses of $10.4 billion and estimates a deficit of $152 million.  

The 2024-25 Budget reflects the government’s goal of transforming the province's finances by significantly decreasing the deficit, avoiding new taxes or tax increases, support for businesses and helping with affordability challenges. In addition, the province is also delivering record investments in healthcare, seniors, poverty reduction, housing, education and infrastructure.  

Healthcare remains a top priority for the government, with a record investment of $4.1 billion, representing nearly 40 percent of the budget. With the goal of improving access to care, the investment will be put towards family care teams, recruitment and retention, health innovation, improving service delivery, drug therapies, and mental health and addictions. 

Now that the budget has been tabled, the Legislature will devolve into a Committee of the Whole and a Subcommittee on Supply to study the contents. Upon completion, there will be a confidence vote in the Legislature on the motion. 

The budget priorities are focused on the following key areas:  

  • Health Care 
  • Seniors 
  • Supporting Industry and Business 
  • Communities 

Budget Highlights  

Healthcare 

  • This year’s record high investment in health care totals $4.1 billion, representing close to 40 percent of the total budget. 
  • $30 million to hire additional health care providers for the existing 19 family care teams, and to create new teams in the Baie Verte and Springdale region, Lewisporte, Portugal Cove-St. Philip’s, and downtown St. John’s. 
  • More than $620 million over 10 years to transform health information management infrastructure and ensure better connectivity between patients and their health care professionals. 
  • $10 million to help recruit and retain health care professionals. This will further advance ongoing work that has led to more than 450 nurses and more than 80 physicians being recruited since April 1, 2023. 
  • $70 million for the Faculty of Medicine, and the continuation of three satellite sites for the Faculty of Nursing. 
  • An additional $2 million to increase the number of Faculty of Medicine seats for Newfoundlanders and Labradorians. 
  • More than $500,000 for a new nursing mentorship program for experienced nurses to mentor nursing graduates. 
  • $5 million for MyHealth NL. The app and online platform will make it easier to access health care services and information. 
  • $1.3 million for mobile primary care clinics to travel to communities with limited access to primary care. 
  • $600,000 to implement a mobile X-ray pilot project to bring services to long-term care homes and personal care homes. 
  • $6.5 million to operationalize a fourth cardiac catheterization suite. 
  • Almost $1.8 million for an expanded continuous glucose monitoring program to patients with type 1 diabetes up to the age of 25 who are enrolled in the NL Insulin Pump Program and pregnant people with gestational diabetes. 
  • $10 million to expand virtual care services. 
  • $4.3 million to establish integrated youth service sites. 
  • Adding more than 20 new drugs to the provincial drug program. 
  • More than $14 million to expand options for individuals seeking help for mental health and addictions. 
  • $1.5 million to expand the mobile crisis response teams to include communities and surrounding areas of Sheshatshiu, Stephenville, Twillingate, New World Island, Burin, Clarenville, and Conception Bay North. 

Seniors  

  • $10 million for a new Seniors’ Well-Being Plan. 
  • $70.3 million for the Seniors’ Benefit, which maintains the 15 percent increase over the last two years. 
  • $3.5 million to create dementia inclusive environments in 42 long-term care facilities. 
  • $6 million to establish centres of excellence in aging at regional hospitals. 
  • Free driver medicals for people 75 and older. 
  • $750,000 for a seniors’ stroke program. 
  • $750,000 for nurse practitioners to support the home dementia program. 
  • $850,000 to expand the use of endovascular treatment for hyperacute stroke care. 
  • $200,000 to continue the Seniors’ Social Inclusion Initiative. 

Supporting Industry and Business 

  • No new taxes, tax increases or fee increases. 
  • Continuing the 8.05 cent per litre (includes HST) reduction on the price of gasoline and diesel. 
  • Continuing the 50 percent reduction off the cost of registering passenger vehicles, trucks and taxis. 
  • A reduction in the small business corporate tax rate, effective January 1, 2024, from 3 percent to 2.5 percent on the first $500,000 of active business income. This will result in savings for approximately 6,200 small businesses. 
  • $1.1 billion for infrastructure projects. 
  • $2.6 million to implement the Critical Minerals Strategy. 
  • $3.75 million to improve air access. 
  • Approximately $35 million for economic development initiatives. 
  • $10 million for the Year of the Arts and the 75th Anniversary of Confederation initiatives. 
  • $2 million to create a Cultural Facility Infrastructure Fund. 
  • More than $170 million for workforce development. 
  • A 10 percent Manufacturing and Processing Investment Tax Credit to enable the fishery, farming, forestry, manufacturing and production sectors to invest in equipment. 

Communities 

  • $50 million over five years to support water and wastewater projects. 
  • $3 million increase in base funding for Municipal Operating Grants bringing the total annual budget to $28 million. This represents a nearly 30 percent increase in funding within the last two years. 
  • $400,000 increase for municipal training opportunities. This reflects a doubling of funding available for municipal training. 
  • $400,000 increase for municipal fire departments to support their response to incidents outside their municipal boundary. 
  • Over $16 million for projects to increase the number of child care spaces. 
  • More than $36 million over four years to build more than 100 new provincial-housing homes in Corner Brook, Central Newfoundland, and Labrador West. 
  • An $8 million increase to the repairs, maintenance and renovations budget for provincial housing to ensure existing affordable homes are maintained and available. 
  • $4 million to continue the Secondary and Basement Suite Program, providing homeowners with a forgivable loan of up to $40,000 to create an affordable home within their home. 
  • More than $3 million for the new HST rebate on new residential rental properties. 
  • Over $13 million for the Transitional Supportive Living Initiative in St. John’s. 

Complete 2024-25 budget details can be found here.