Prince Edward Island Finance Minister Heath McDonald delivered the province’s 2018 budget on April 6, 2018.
The budget anticipates a surplus of $1.5 million for the 2018-2019 fiscal year, with anticipated surpluses of $3.1 million for the 2019-2020 year and $4.2 million for 2020-2021. The budget reduces the small business tax rate to 4% (from 4.5%) effective January 1, 2018. The budget also increases the provincial basic personal amount by $500 for each of the next two years and introduces a new investment grant for small businesses.
Download this edition of the TaxNewsFlash to learn more.
© 2018 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.