Tax Highlights From the 2022 PEI Budget

Finance Minister Darlene Compton tabled the 2022/23 Prince Edward Island provincial budget on February 24, 2022.

The budget projects a deficit of $92.9 million for the upcoming 2022/23 fiscal year, decreasing to $51.9 million for 2023/24 and $32.1 million for 2024/25. The forecast deficit for the almost completed 2021/22 fiscal year now stands at $26.5 million, which is $85.6 million below the projected deficit of $112.1 million. On the income tax side, there were no changes to personal income tax rates.

However, the budget includes an increase to the basic personal exemption, a new tax on vaping products, an increase to the tobacco tax and an increase to Island bursaries.  Read more here.

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