Government budget and revenue in Newfoundland and Labrador, Canada: official figures
The provincial government of Newfoundland and Labrador took in $9.4 billion of revenue in the 2024/25 fiscal year (Statistics Canada government finance statistics, reference year 2024), or $17,242 per resident; 7th highest of 13 provinces and territories per resident. Revenue was $8.9 billion a year earlier.
How much does the government of Newfoundland and Labrador spend?
Expenses of the government of Newfoundland and Labrador came to $9.7 billion in 2024/25, $17,814 per resident (7th highest of 13 provinces and territories), against $9.7 billion in the previous year.
Source: Statistics Canada · saved copyDoes the government of Newfoundland and Labrador have a deficit?
Revenue minus expense left the government of Newfoundland and Labrador with a net operating deficit of $312 million in 2024/25, equal to 3.3% of revenue; 7th strongest balance of 13 provinces and territories.
Source: Statistics Canada · saved copyWhere does the government of Newfoundland and Labrador get its money?
Taxes made up 56.2% of revenue for the government of Newfoundland and Labrador in 2024/25 ($5.3 billion), and grants from other levels of government, which include federal transfers, made up 25.5% ($2.4 billion); 6th lowest share of 13 provinces and territories for grants.
Source: Statistics Canada · saved copyHow much income tax does Newfoundland and Labrador collect?
Personal income tax raised $2.0 billion for the government of Newfoundland and Labrador in 2024/25 (21.4% of revenue), and taxes on goods and services, including sales and fuel taxes, raised $2.4 billion (25.2%).
Source: Statistics Canada · saved copyHow much does Newfoundland and Labrador earn from oil and gas royalties?
Oil and gas royalties brought the government of Newfoundland and Labrador $893 million in 2024/25, 9.5% of its revenue.
Source: Statistics Canada · saved copyHow much interest does the government of Newfoundland and Labrador pay?
Interest on debt cost the government of Newfoundland and Labrador $974 million in 2024/25, 10.0% of its expenses; 2nd highest share of 13 provinces and territories. Social benefits paid directly to people came to $579 million.
Source: Statistics Canada · saved copyWhat is the debt of Newfoundland and Labrador?
At the end of 2024/25, the government of Newfoundland and Labrador had financial assets of $17.5 billion and liabilities of $27.7 billion, a net financial debt of $10.2 billion, or $18,663 per resident; 2nd weakest position of 13 provinces and territories per resident.
Source: Statistics Canada · saved copyHow much has the government of Newfoundland and Labrador borrowed?
Debt securities such as bonds and treasury bills issued by the government of Newfoundland and Labrador stood at $20.8 billion at the end of 2024/25, $38,176 per resident, against $17.5 billion a year earlier.
Source: Statistics Canada · saved copyHow Newfoundland and Labrador compares with other provinces
Provincial or territorial government revenue per resident, 2024/25 (2024/25)
Newfoundland and Labrador ranks 7 of 13, highest first. Population on 1 July 2024.
| Rank | Region | Provincial or territorial government revenue per resident, 2024/25 |
|---|---|---|
| 4 | Quebec | $19,138 |
| 5 | Saskatchewan | $17,641 |
| 6 | Prince Edward Island | $17,242 |
| 7 | Newfoundland and Labrador | $17,242 |
| 8 | Alberta | $16,573 |
| 9 | Nova Scotia | $16,287 |
| 10 | New Brunswick | $15,887 |
Provincial or territorial government expense per resident, 2024/25 (2024/25)
Newfoundland and Labrador ranks 7 of 13, highest first. Population on 1 July 2024.
| Rank | Region | Provincial or territorial government expense per resident, 2024/25 |
|---|---|---|
| 4 | Quebec | $20,903 |
| 5 | Saskatchewan | $19,278 |
| 6 | Prince Edward Island | $18,595 |
| 7 | Newfoundland and Labrador | $17,814 |
| 8 | British Columbia | $16,395 |
| 9 | Manitoba | $15,813 |
| 10 | Nova Scotia | $15,806 |
Net operating balance as a share of revenue, 2024/25 (2024/25)
Newfoundland and Labrador ranks 7 of 13, highest first. Negative values are deficits.
| Rank | Region | Net operating balance as a share of revenue, 2024/25 |
|---|---|---|
| 4 | Nova Scotia | 3.0% |
| 5 | Nunavut | 1.9% |
| 6 | Yukon | 0.9% |
| 7 | Newfoundland and Labrador | -3.3% |
| 8 | Manitoba | -7.7% |
| 9 | Prince Edward Island | -7.8% |
| 10 | Ontario | -8.2% |
Net financial worth per resident, 2024/25 (negative = net debt) (2024/25)
Newfoundland and Labrador ranks 12 of 13, highest first.
| Rank | Region | Net financial worth per resident, 2024/25 (negative = net debt) |
|---|---|---|
| 7 | Saskatchewan | $-8,460 |
| 8 | Nova Scotia | $-11,267 |
| 9 | Quebec | $-11,915 |
| 10 | Prince Edward Island | $-13,032 |
| 11 | Manitoba | $-16,986 |
| 12 | Newfoundland and Labrador | $-18,663 |
| 13 | Ontario | $-19,733 |
Interest as a share of government expense, 2024/25 (2024/25)
Newfoundland and Labrador ranks 2 of 13, highest first.
| Rank | Region | Interest as a share of government expense, 2024/25 |
|---|---|---|
| 1 | Quebec | 10.4% |
| 2 | Newfoundland and Labrador | 10.0% |
| 3 | Manitoba | 10.0% |
| 4 | Ontario | 7.3% |
| 5 | New Brunswick | 5.8% |
| 6 | Prince Edward Island | 5.2% |
| 7 | Saskatchewan | 5.1% |
Grants from other levels of government as a share of revenue, 2024/25 (2024/25)
Newfoundland and Labrador ranks 8 of 13, highest first.
| Rank | Region | Grants from other levels of government as a share of revenue, 2024/25 |
|---|---|---|
| 5 | New Brunswick | 37.1% |
| 6 | Manitoba | 36.5% |
| 7 | Nova Scotia | 34.6% |
| 8 | Newfoundland and Labrador | 25.5% |
| 9 | Quebec | 17.9% |
| 10 | British Columbia | 17.6% |
| 11 | Ontario | 17.4% |
More on Newfoundland and Labrador: overview · economy and jobs · health · education and schools · poverty and living standards · Canada
Sources
- Statistics Canada: Table 10-10-0017-01: Canadian government finance statistics for the provincial and territorial governments (Web Data Service extract), read 23 October 2026 · saved copy (SHA-256 1ced6a105cfe…)
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