June 22, 2015, No. 2015-25. Prince Edward Island Finance Minister Allen Roach delivered the province’s 2015 budget on June 19, 2015. The budget anticipates a deficit of $19.9 million for the current year with a return to balanced budget in 2016-17. The budget does not make changes to the personal or corporate tax rates, but does increase the tax on tobacco.
Highlights of tax measures announced in the budget are summarized below.
The budget did not announce any changes to the corporate income tax rate. As a result, the corporate income tax rates effective January 1, 2015 remain as follows:
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Information is current to June 22, 2015. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.