2008 Newfoundland and Labrador Budget Impact Paper

•   This paper was prepared by the Compensation Sector, Accounting, Banking and Compensation Branch, Public Works and Government Services Canada (PWGSC). It should be noted that this document is not all encompassing. Employees may find this document informative from a personal perspective.    

•   The following item, which is relative to the compensation product, was introduced in the Newfoundland and Labrador budget speech that was presented by the Honourable Tom Marshall, Minister of Finance for the Government of Newfoundland and Labrador on April 29, 2008.    

•   ITEM AFFECTING PWGSC COMPENSATION SYSTEMS    

•   Personal Income Tax    

•   The Government of Newfoundland and Labrador has advised that all personal income tax rates will be decreased effective July 1, 2008. The following table shows the Newfoundland and Labrador's personal income tax brackets and corresponding tax rates before and after the change effective July 1, 2008.    

•   Impact: PWGSC compensation systems will be programmed to reflect the changes for 2008 in July 2008.    

•   To review the 2008 Newfoundland and Labrador budget documents, please visit this site:    
•   http://www.budget.gov.nl.ca/budget2008/