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The Government of Newfoundland and Labrador tabled its 2017-2018 budget on April 6th, 2017. While operating in a time of financial restraint, the government appears to be targeting scarce resources toward two particular healthcare priorities – mental health and supporting seniors. With the aging population base in the province, and the growing understanding of the implications of mental illness on the well-being of families and communities, this focus makes sense.
Given the fiscal situation and the previous austerity budget, the fact that government is not targeting employers for additional revenue opportunities is encouraging.
While these items will benefit taxpayers across the province, employers and plan sponsors will find a number of measures of particular interest.
The government has announced that the current insurance premium tax of 5% will remain unchanged.
Note: premium tax is also applicable to most self-insured plans.
Additional Information Can Be Found on the Budget Website at:
http://www.budget.gov.nl.ca/budget2017/overview/
For more information, contact your Mercer consultant today.
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