March 16, 2021 – Government of PEI: The provincial government will make tax changes so that Islanders and businesses can keep more money in their pockets as the province continues to recover from the effects of COVID-19.
The changes are effective January 2022 and include:
- Increasing the basic personal income tax exemption to $11,250;
- Increasing the low-Income reduction threshold to $20,000; and
- Reducing the small business tax rate to 1 per cent, the lowest in the Atlantic Provinces.
These changes are the latest in a series of reductions implemented by Government leaving $7.4 million in the hands of Islanders annually.
Read the full press release here