May 25, 2023 – Greater Charlottetown Area Chamber of Commerce: The Greater Charlottetown Area Chamber of Commerce (GCACC) welcomes investments in affordability in the 2023-24 provincial operating budget, including increasing the Basic Personal Amount to $12,750 in 2023 and $13,500 in 2024.
“We are very pleased to see this increase, so our province remains a competitive place to attract workforce and allow Islanders to keep more and use more of their hard-earned money,” said GCACC Interim-CEO Kim Horrelt. “With rising costs, it is becoming increasingly difficult for businesses and employees to stay afloat, and we hope government can continue to be part of the solution.”
Over the last year in our submissions and meetings with government, including in pre-budget consultation, our Chamber has advocated for the province to increase the Basic Personal Amount to at least $13,000 by 2024 to better align with the national average.
Beginning in 2024, the current tax brackets will also be replaced by a five-bracket system. Our Chamber appreciates the tax rates decreasing by a few decimal points each, however, we note that the new lowest-income tax bracket – of 9.65% for $32,656 and below – is still the highest rate percentage compared to the other Atlantic provinces.
Read the full news release here