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Innovation, Business and Rural Development
Natural Resources
Tourism, Culture and Recreation

March 27, 2014

Backgrounder

Investments to Support Economic Growth

Budget 2014 strengthens the economy in Newfoundland and Labrador with strategic investments to support businesses and communities, and encourage employment, innovation, and economic growth.

Business and Regional Development
To support regional economic development initiatives throughout Newfoundland and Labrador, more than $45.5 million will respond to the needs of traditional and emerging business sectors.

Budget 2014 investments include:

In addition, $2 million is available for investment under the Workplace Skills Enhancement Program, which helps address labour market conditions and provides support tools for local businesses. It is funded through the Canada-Newfoundland and Labrador Labour Market Agreement and the Strategic Training and Transition Fund.

Through Budget 2014, approximately $72 million will be invested in continuing tax credits and incentives for businesses. These include initiatives such as:

In an effort to further strengthen a competitive tax environment for small businesses in the province, effective July 1, 2014, the Provincial Government will decrease the small business corporate income tax rate to three per cent, and will be tied with Nova Scotia for the lowest rate in Atlantic Canada. See Backgrounder: Enhancements to Seniors’ Benefit, Low Income and Small Business.

Innovation
To further improve broadband access in Newfoundland and Labrador, $4.9 million will support work with industry and community partners to continue to advance the Rural Broadband Initiative. More than 500 communities in Newfoundland and Labrador have broadband access, with approximately 95 per cent of the population having coverage.

Responsible Resource Management and Development
Budget 2014 is committed to supporting responsible resource management and development with strategic investments in the province’s energy, agriculture and forestry sectors.

Investments include:

Budget 2014 also continues to invest in the province’s agriculture industry though such initiatives as:

Budget 2014 continues to invest in ongoing programs that ensure the forest resource is managed in a sustainable manner for future generations. Investments include:

Tourism and Culture
Understanding the importance of the tourism industry as an economic generator in Newfoundland and Labrador, Budget 2014 includes investments in tourism and cultural industries to create employment, promote Newfoundland and Labrador as a unique destination, and support the province’s unique culture and heritage.

Budget 2014 includes:

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Media contacts:

Heather MacLean
Director of Communications
Department of Innovation, Business and Rural Development
709-729-4570, 697-4137
heathermaclean@gov.nl.ca

Diana Quinton
Director of Communications
Department of Natural Resources
709-729-5282, 631-8155
dianaquinton@gov.nl.ca
Melony O’Neill
Director of Communications
Department of Tourism, Culture and Recreation
709-729-0928, 689-0928
moneill@gov.nl.ca
 

2014 03 27            2:25 p.m.

 

 
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