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Oct 19, 2022 · Soaring oil prices and unexpected tax windfalls have driven a sea change in Newfoundland and Labrador's financial outlook for the fiscal year, putting the province on course to post its first surplus in more than a decade.
- An Uncertain Future
- Future Fund
- An Improved — But Volatile — Situation
Coady said the improved situation has resulted in all three of the provincial government's credit agencies moving their outlooks for Newfoundland and Labrador from negative to stable. Oil prices are higher than projected — up from $86 US per barrel to $102 per barrel — and production is up, from 83.1 million barrels to 85.2 million barrels. Total p...
Coady announced the provincial government will contribute $157 million to a fund it will eventually use to pay down debt. Last week, the provincial government announced details of legislation to create what it's calling a "future fund," where it plans to deposit a portion of oil royalties and revenues from the sale of assets over $5 million. Accord...
Coady said the province is seeing "solid" signs of economic growth, but she pointed to rumbles of a global economic recession that could signal potential future difficulties. The provincial government previously hinted at the improved outlook when it announced one-time cheques for residents who earn $125,000 or less would be delivered this fall. Co...
Oct 19, 2022 · On the back of higher than expected revenue from oil — and taxes — Newfoundland and Labrador is projecting a 2022 budget surplus of nearly half a billion dollars. The provincial...
Newfoundland and Labrador's fiscal and economic update reveals how the province's finances have benefited from better-than-expected economic conditions and higher-than-planned oil prices, as a projected $351 million deficit for 2022-23 has transformed into a $479 million surplus.
Oil Production Up 1.0% in April 2024. According to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), approximately 6.6 million barrels of oil were extracted from offshore Newfoundland and Labrador in April 2024, representing an increase of 1.0% compared to April 2023.
Jun 24, 2023 · Coady said the changes will increase the price of home heating oil by 45 cents per litre by 2030. Ninety per cent of the federal fuel tax will go back to consumers in the form of rebates, the...
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Oct 19, 2022 · Soaring oil prices and unexpected tax windfalls have driven a sea change in Newfoundland and Labrador's financial outlook for the fiscal year, putting the province on course to post its...
