Canadian Tax Adviser, May 10, 2016 Bill 32, which proposes to enact certain measures announced in P.E.I.'s 2016 budget, received first reading on May 6, 2016. This bill does not contain any corporate income tax measures.
Bill 32 increases the basic and spousal amounts and the amount for an eligible dependent (equivalent to spouse). It also increases the low income tax reduction program amounts for taxpayers with low income and the retail sales tax credit.
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Information is current to May 10, 2016. The information contained in this publication 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