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