2014-2015 Prince Edward Island budget highlights
Canadian tax alert
April 9, 2014
Finance, Energy and Municipal Affairs Minister Wesley J. Sheridan presented the 2014-2015 Prince Edward Island budget on April 8, 2014. The following is a summary of the tax highlights from the budget.
Overall fiscal position
- Projected deficit of $51.9 million for fiscal year ended March 31, 2014, lower than the original estimate of $58.9 million in budget 2013-2014
- Deficit of $39.7 million forecast for fiscal year ended March 31, 2015
- Small surplus expected for fiscal year ended March 31, 2016
- Revenues expected to grow by 3.3% and expenditures by 2% for fiscal year ended March 31, 2015
- Revenues expected to grow by 3.5% and expenditures by 1% for fiscal year ended March 31, 2016
- Average unemployment rate of 11.5% in 2013, up 0.2 percentage points from 2012
Measures concerning business
- The budget contains no changes in corporate tax rates and introduced no new taxes or fees
Measures concerning individuals
- The budget contains no changes in individual tax rates and introduced no new taxes or fees
- Personal tax brackets and personal amounts are not indexed for 2014
- A new home care renovation program will be implemented and the grant amount for the Seniors Home Repair Program will be increased. Details of these measures will be announced at a later date by the Department of Community Services and Seniors
For further details, we refer you to the Ministry of Finance website.
This publication is produced by Deloitte LLP as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors. Your use of this document is at your own risk.