Finance Minister Jill Burridge has tabled a 2025-26 provincial operating budget with a record $183.9-million deficit, which includes a $32-million Tariff and Trade Contingency Fund.
The budget includes $294.6 million in new spending, an increase of 9.1 percent over last year. Revenues are projected to grow by $195.7 million, or 6.2 percent.
Highlights include:
- $9.3 million to lower the corporate income tax rate and raise the small business threshold
- $3.6 million to support the oyster industry, including a Genome Surveillance Project and contingency fund
- $42 million for tariff and trade response funding, including contingency support and flexible loans
- $5.1 million to reduce personal income tax and accelerate tax bracket changes
- $1.5 million to support worker reskilling and upskilling
- $1.1 million to support healthcare training programs
- $650,000 to hire more internationally trained registered nurses through bridging programs
- $10.5 million to add more Patient Medical Homes and remove 10,000 Islanders from the patient registry
- $10.5 million to create or transition 190 early learning spaces
- $470,000 to support before and after-school care programming
