Article
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.
Contacts
Canadian Managing Partner, Tax
Heather Evans
416-601-6472
National Tax Policy Leader
Albert Baker
416-643-8753
Atlantic
Tax Director of Operations, Atlantic Region
Brian Brophy
709-758-5234
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