The financial burden will likely fall disproportionately on younger lower-income residents looking to enter the housing market.
newfoundland & labrador finances
According to polling results, the majority of Atlantic Canadians believe the top income tax rate shouldn’t be over 50 per cent.
The province's net debt is $31,749 per person, by far the highest level of any province in Canada.
The province’s oil and gas sector produces a significant amount of revenue for the government.
Residents of the province face the highest provincial government debt interest costs in the country.
The average family in the province earning $117,564 will pay an estimated $56,588 in total taxes.
Mines in the province employ more than 8,000 people.
Since 2021/22, the province has spent 89 per cent of all new revenue.
The province's debt is on track to grow faster than its economy.
Paying a premium for labour puts a burden on taxpayers and the province’s books.