(Apr. 17/14) Newfoundland and Labrador’s March 28 budget has good and bad implications for members.
The budget adds nearly one billion dollars to the province’s debt. Restaurants Canada is concerned by this significant increase, and the fact that pensions account for nearly three-quarters of the debt.
The budget reduced the small business tax rate to three per cent, while holding the line on personal and corporate taxes. However, the dividend tax rate jumped from 22.47 per cent to 30.2 per cent.