Prince Edward Island Finance Minister Allen Roach delivered the province’s 2017 budget on April 7, 2017.
The budget anticipates a surplus of $600,000 for the 2017-2018 fiscal year, with anticipated surpluses of $5.4 million for 2018-2019 and $12.9 million for 2019-2020. Although there are no changes to the province’s personal or corporate tax rates, the budget introduces a 2% increase to certain personal tax credits and preserves the existing provincial education amounts for the 2017 taxation year. In addition, the budget announces that Prince Edward Island is reviewing provincial income tax credits.
Download this edition of the TaxNewsFlash to learn more.