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Government introduces changes to income tax

May 26, 2023 – Government of PEI: Today during the Legislative Assembly, Government introduced amendments to the Income Tax Act that will result in more than $14 million remaining in the pockets of Islanders beginning this year.

The bill implements income tax changes announced in the 2023-24 operating budget.

Starting in 2023:

  • Raising the basic personal amount to $12,750;
  • Increasing the low-income tax reduction threshold;
  • Increasing the credit for seniors.

Starting in 2024:

  • Raising the basic personal amount to $13,500;
  • Doubling the children’s wellness amount;
  • Increasing the tax bracket thresholds;
  • Reducing tax rates on lower brackets.

Read the full news release here

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