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Prince Edward Island Budgets

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Atlantic Provinces   ->   Prince Edward Island  -> Budgets

Prince Edward Island Budgets

All proposed tax measures are subject to legislative approval.

2018 Budget - April 6, 2018 - on PE government website

See Bill No. 33, An Act to Amend the Income Tax Act

    - Small business tax cut:  Rate will decrease by 0.5% effective January 1, 2018 (as per Bill 33)
    - the non-eligible dividend tax credit rate was reviewed, and will not change, as per the PEI Department of Finance
    - New Small Business Investment Grant for 15% rebate on business investments up to $25,000.
    - Basic Personal Amount will increase by $500 for 2018, to $8,660, and a further $500 for 2019.  The spouse and equivalent-to-spouse (eligible dependant) amounts will increase proportionately.
    - Provincial portion of HST on first block of residential electricity will be rebated directly on electricity bills each month.
    - Provincial portion of HST will also be rebated on firewood, pellets and propane through a point of sale credit or rebate.

2017 Budget Highlights - April 7, 2017 - on PE government website.  See also Bill No. 73, An Act to Amend the Income Tax Act.

    - Basic Personal Amount increased by 2% for 2017 to $8,160
    - Spouse and Equivalent to Spouse increased by 2% for 2017 to $6,931
    - Provincial Education Amount preserved for 2017 and subsequent taxation years

2016 Budget Highlights - April 19, 2016 - on PE government website

   - HST will increase from 14% to 15% effective October 1, 2016 - see 2016 Sales Tax Rates.
   - Real Property Transfer Tax rate payable by first-time home buyers will be eliminated (is currently 1%) effective October 1, 2016
   - Non-Refundable Tax Credit amount increases for 2016:
          - Basic personal amount increased from $7,708 to $8,000
          - Spousal amount increased from $6,546 to $6,795
          - Eligible dependant amount increased from $6,294 to $6,795 (now same as spousal amount)
   - Low-Income Tax Reduction amounts have been increased.
   - Non-eligible dividend tax credit was left at 21% of gross-up.
   - Refundable Sales Tax Credit amounts increases for the 2016/17 year:
          - Base increased from $100 to $110
          - Spouse or equivalent to spouse increased from $50 to $55
          - Supplement increased from $50 to $55

See Bill 32 An Act to Amend the Income Tax Act, on the PEI Legislative Assembly website.  Bill 32 received Royal Assent on May 13, 2016.

2015 Budget Highlights - June 19, 2015 - on PE government website

  - low income tax reduction threshold increased from $15,000 to $17,000, levels of basic credits to be adjusted (no detail yet provided)
  - tax on tobacco to increase by 2.5 cents per cigarette and other tobacco by 4.0 cents per gram

2014 Budget Address - April 8, 2014 - on PE government website (no tax changes)

2013 Budget Address - March 27, 2013 - on PE government website

Several changes are being implemented in conjunction with the implementation of the HST effective April 1, 2013:

  - Small business tax rate increases to 4.5% from 1% on April 1, 2013.
  - Dividend tax credit for non-eligible dividends will be adjusted, as per Bill 47, from 5% of gross-up to 14.5% of gross-up.
  - Provincial tax on gasoline will be reduced by 2.7 cents to 13.1 cents per litre.
  - Taxes on tobacco will be adjusted
  - A provincial refundable tax credit will be introduced for low and modest-income Islanders, beginning in July 2013.

2012 Budget Address April 18, 2012 - on PE government website

- HST to be introduced effective April 1, 2013 with a total rate of 14%, compared to the current combined sales tax rate of 15.5%.  The 9% provincial portion of the HST will not be applied to home eating oil, or children's clothing or footwear.  An enhanced refundable tax credit will be created for Islanders with low to moderate incomes.  See PEI Harmonized Sales Tax (HST) on the PE website.

- new $500 refundable income tax credit for volunteer firefighters with at least 200 hours of volunteer service per year

2011 Budget  April 6, 2011 - on PE government website (no tax changes)

2010 Budget April 23, 2010 - on PE government website (no tax changes)

2009 Budget April 6, 2009 - on PE government website (no tax changes)

2008 Budget

2007 Budget

Revised: February 09, 2019


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