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Atlantic Provinces -> Prince Edward Island

Prince Edward Island 2008 Budget - April 23, 2008

See the government of Prince Edward Island 2008 Budget web page for full budget details.

There were no new tax changes announced in the 2008 budget.  See the 2007 budget page for previously announced tax measures which affect 2008 income tax.

Students

Every first-year Island student entering a provincially-funded post-secondary institution to attain a degree or diploma will receive up to $2,000 from the George Coles Bursary.

Special education funding is being increased, and the government will begin the process of eliminating curriculum-based user fees.

Federal tax changes

Federal budget 2008 income tax measures affecting taxable income and certain tax credits that automatically affect provincial taxes in all provinces and territories except Québec:
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new Tax-Free Savings Accounts (TFSA)

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changes to RESPs

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reduction of gross-up amount for dividends eligible for the enhanced dividend tax credit.  See dividend tax credit page.

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increase in maximum Northern Residents deduction beginning in 2008

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capital cost allowance changes

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expansion of list of expenses eligible for medical expense tax credit, effective 2008

 

Revised: August 09, 2009

 

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