How this year's budget will impact your wallet

Budgets are number-heavy, technical and dry. But they are critical to how we operate in our day-to-day lives. Within the deficit, debt, and revenue, here are some of the key takeaways from how this year's Newfoundland and Labrador budget can affect your pocket book.

Tax time

There are no new tax or fee increases, and some of last year's cost-saving measures have been extended or boosted.

The province is doubling the physical activity tax credit that allows individuals and families to claim things like gym memberships and swimming lessonson their taxes.

The refundable tax credit has been increased to $348 per family.

After a yearlong pilot project, the province is promising to eliminate the retail sales tax on home insurance. The home heating supplement for furnace and stove oil will be maintained.

A new 20 per cent tax credit has been introduced to tackle climate change, and aims to give businesses a break when they spend money on energy conservation and clean energy. No specific cost to the province has been estimated.

Driving your car

Drivers will continue to benefit from a 50 per cent reduction off the cost of registration. That includes passenger vehicles, trucks and taxis.

Driver medicals for people 75 and older will be covered by the province, at a cost of $1.3 million.

The province is sticking with its 8.05-cent-per-litre cut to the gas and diesel tax for another year.

Low income supports

There will be a five per cent increase to the income supplement, which is expected to affect 160,000 families. Similarly, the seniors' benefit, for people 65 years of age and older, is increasing by five per cent.

Pregnant women will receive $150 per month through the prenatal infant nutrition supplement. That benefit will continue for babies under a year o ld. There is also a one-time $150 payment during the month of the baby's birth.

No cost-of-living cheque

Hoping for another $500 cheque from government? Finance Minister Siobhan Coady says there is nothing in the budget to replicate last year's pre-Christmas cash.

Coady says the province benefited from higher-than-expected revenue in the previous year, which was funnelled back into the pockets of residents.

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