Newfoundland and Labrador Finance Minister Siobhan Coady delivers her 2023 budget in the House of Assembly, in St John's, Thursday, March 23, 2023.Photo by Paul Daly/The Canadian Press/File

Newfoundland to receive an equalization payment for first time since 2008

Finance Minister Siobhan Coady says the province can't predict if it will receive equalization funds in the future, but the government shouldn't become dependent on them

· National Post

ST. JOHN’S, N.L. — Newfoundland and Labrador will receive a federal equalization payment next year, marking the first time since 2008 it has qualified for the transfer aimed at levelling fiscal disparities among provinces.

Minister of Finance Siobhan Coady says the province will be transferred $218 million in the 2024-25 fiscal year under the equalization program.