Canadian Taxpayers Federation gives Finance Minister Craig Pardy good grade on Finance Minister Report Card
The Canadian Taxpayers Federation released its annual Finance Minister Report Card that ranks provincial finance ministers on spending, debt and tax relief in the latest provincial budgets.
Newfoundland and Labrador Finance Minister Craig Pardy received an overall grade of C, the highest in Atlantic Canada.
Pardy’s predecessor Siobhan Coady received an overall grade of F last year.
“Pardy delivered meaningful tax cuts this year for hard-working Newfoundlanders and Labradorians,” said Devin Drover, CTF Atlantic Director and General Counsel. “But Pardy can’t get top marks until he stops racking up debt and burning more than a billion dollars a year on debt interest payments.”
The following key grades influenced Pardy’s overall ranking:
Tax relief: A+
- The government of Newfoundland and Labrador raised the basic personal amount from $11,188 to $15,000. That means Newfoundland and Labrador taxpayers can earn more before paying income taxes. The government also cut business taxes and plans to continue cutting business taxes for at least the next two years.
Spending increase: B
- The government is spending about 4.4 per cent more this year compared to last year’s budget. That’s the third lowest increase in the country
Debt interest payments: F
- Debt interest payments will cost Newfoundlanders and Labradorians $1.2 billion this year, that works out to about $2,146 per person. That’s the highest in the country.
“Pardy’s budget only slightly increased spending, but Newfoundlanders and Labradorians are still being punished by years of irresponsible borrowing,” Drover said. “Pardy must now focus on cutting wasteful spending and stop racking up big government debt next year.”
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