Newfoundland and Labrador is the easternmost province of Canada. Located in the country’s Atlantic area, it is made up of the insular area of Newfoundland and the continental region of Labrador to the northwest, with a combined location of 405,212 square kilometers. The province’s population was approximately 525,000. About 92% of the province’s population resides on the island of Newfoundland, of whom over half live on the Avalon Peninsula.
The province is Canada’s many linguistically uniform, with 97.0% of homeowners reporting English (Newfoundland English) as their native tongue. Historically, Newfoundland was likewise house to distinct varieties of Irish and French, along with the extinct Beothuk language. In Labrador, the indigenous languages Inuktitut and Innu-aimun are also spoken.
Newfoundland and Labrador’s capital and largest city, St. John’s, is Canada’s 20th-largest census city and is house to nearly 40 percent of the province’s population. St. John’s is the seat of the federal government, home to your home of Assembly of Newfoundland and Labrador, and to the highest court in the jurisdiction, the Newfoundland and Labrador Court of Appeal.
A previous colony and after that dominion of the United Kingdom, Newfoundland offered up its independence in 1933, following considerable financial distress triggered by the Great Depression and the after-effects of Newfoundland’s participation in World War I. It ended up being the tenth province to go into the Canadian Confederation on 31 March 1949, as “”Newfoundland””. On 6 December 2001, a change was made to the Constitution of Canada to change the province’s name to Newfoundland and Labrador.
For lots of years, Newfoundland and Labrador had experienced a depressed economy. The province has actually gotten record surpluses, which has rid it of its status as a “have not” province.
Other significant industries are mining, oil production, and production. Per capita GDP is around $63,000, greater than the nationwide average, and third only to Alberta and Saskatchewan out of Canadian provinces.
Mines in Labrador, the iron ore mine at Wabush/Labrador City, and the nickel mine in Voisey’s Bay produced a total of $3.3 billion worth of ore in 2010. A mine at Duck Pond started producing copper, zinc, silver, and gold in 2007, and prospecting for new ore bodies continues. Mining accounted for 3.5% of the provincial GDP in 2006. The province produces 55% of Canada’s overall iron ore. Quarries producing dimension stone such as slate and granite, represent less than $10 million worth of product annually.
Oil production from offshore oil platforms on the Hibernia, White Rose and Terra Nova oil fields on the Grand Banks were of 110,000,000 barrels, which contributed to more than 15 percent of the province’s GDP in 2006. Overall production from the Hibernia field from 1997 to 2006 was 733,000,000 barrels with an approximated worth of $36 billion. This will increase with the inclusion of the newest task, Hebron. The staying reserves are approximated at nearly 2 billion barrels by the end of 2006. Expedition of brand-new reserves is ongoing. On June 16, 2009, provincial premier Danny Williams announced a tentative contract to expand the Hibernia oil field. The federal government worked out a 10-per-cent equity stake in the Hibernia South growth, which will add an approximated $10 billion to Newfoundland and Labrador’s treasury.
Lumber is produced by various mills in Newfoundland. Apart from seafood processing, paper manufacture, and oil refining, manufacturing in the province consists of smaller markets producing food, developing, and other drink production.
The fishing market stays a fundamental part of the provincial economy, using roughly 20,000 and contributing over $440 million to the GDP. The combined harvest of fish such as cod, haddock, halibut, herring, and mackerel was 92,961 tonnes in 2017, with a combined worth of $141 million. Shellfish, such as crab, shrimp, and clams, accounted for 101,922 tonnes in the very same year, yielding $634 million. The value of items from the seal hunt was $1.9 million. Aquaculture is a brand-new industry for the province, which in 2015 produced over 22,000 tonnes of Atlantic salmon, mussels, and steelhead trout worth over $161 million. Oysters production is also anticipated to begin in the province.
Agriculture in Newfoundland is limited to locations south of St. John’s, Cormack, Wooddale, locations near Musgravetown, and in the Codroy Valley. Potatoes, rutabagas, turnips, carrots, and cabbage are grown for regional intake. Poultry and eggs are also produced. Wild bakeapples, blueberries, and partridgeberries are collected commercially and used in jams and winemaking. Dairy production is another substantial part of the Newfoundland Agriculture Industry.
Tourist is likewise an important factor to the province’s economy. Nearly 500,000 travelers check out Newfoundland and Labrador every year, investing an approximated $575 million. Tourist is most popular throughout the months of June– September, the hottest months of the year with the longest hours of daylight.
Newfoundland and Labrador is the easternmost province of Canada. About 92% of the province’s population lives on the island of Newfoundland, of whom more than half live on the Avalon Peninsula.
The province is Canada’s a lot of linguistically uniform, with 97.0% of homeowners reporting English (Newfoundland English) as their mother tongue. A former colony and then dominion of the United Kingdom, Newfoundland offered up its independence in 1933, following substantial economic distress triggered by the Great Depression and the after-effects of Newfoundland’s participation in World War I. On 6 December 2001, an amendment was made to the Constitution of Canada to change the province’s name to Newfoundland and Labrador.
865,000+ Canadian households have more than $1 million in assets.
more than $1 million
High Net Worth
more than $5 million
Very High Net Worth
more than $30 million
Ultra High Net Worth
do I need?
Immediate Financing Arrangement
Insured Retirement Plan
- Corporate Estate Planning
- Estate Bonds
- Estate Planning Checklist
- Estate Planning Checklist Canada
- Estate Planning Lawyer
- Succession Planning
- Succession Planning Best Practices
- What is Estate Planning
HNW families' goals are ESTATE and WEALTH planning rather than financial planning by focusing on tax strategies and insurance products to ensure wealth is efficiently passed on.
Life Insurance Companies
Sun Life Insurance
Canada Protection Plan
Living Buyouts of a partner or shareholder Providing ongoing retirement income to a shareholder Enhancing your after-tax estate value by more than 70% for your heirs and beneficiaries