Prince Edward Island Finance News

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From the Official Website of the Government of Prince Edward Island / Par le site web du Gouvernement de l'Île-du-Prince-Édouard
Updated: 5 hours 3 min ago

Province signs Coordinated Vaping Products Taxation Agreement

Thu, 06/06/2024 - 10:38

Minister of Finance Jill Burridge and Minister of Health and Wellness Mark McLane issued the following statement:

“The Government of Prince Edward Island is taking action to discourage vaping by signing a Coordinated Vaping Products Taxation Agreement with the Government of Canada.

In May 2022, legislation was introduced to signal the province’s intention to join the federal coordinated vaping taxation framework to address an increase in vaping and help reduce vaping-associated lung illnesses.

Property tax deferral available to more seniors

Thu, 05/30/2024 - 13:00

More Island seniors are now eligible for the Seniors Property Tax Deferral Program due to an increase in the income threshold.

The program lowers the cost of living for qualifying seniors by deferring the payment of property taxes on their principal residence. The provincial government has increased the income threshold on the program from $35,000 to $42,000. The last time the income threshold changed was in June 2009.

Issue with Government toll-free numbers resolved

Fri, 05/17/2024 - 14:35

Yesterday, an issue was identified of some Government of PEI toll-free numbers not being routed to the proper destination.

This issue is now resolved. 

Media contact:
Hillary Proctor
Department of Finance

Issue with Government toll-free numbers

Thu, 05/16/2024 - 15:27

An issue has been identified with some Government of PEI toll free numbers not being routed to the proper destination.

The vendor for Government toll free numbers has been notified and they are working to resolve the issues as soon as possible.

A public advisory will be sent when the issue has been resolved.   

Media contact:
Hillary Proctor
Department of Finance

Budget 2024 signals continued focus on healthcare, housing and affordability for all Islanders 

Thu, 02/29/2024 - 12:43

Today, Hon. Jill Burridge, Minister of Finance, presented government’s 2024-25 operating budget to the legislative assembly, outlining $3.2 billion in investments for Prince Edward Island with a continued focus on healthcare, housing and affordability measures.

Tax changes to benefit Islanders

Thu, 01/11/2024 - 09:55

Island residents will save more in 2024 due to changes in provincial income and property taxes this year.

Changes to the current income tax bracket system effective January 1, 2024, will result in total savings of $14 million this fiscal year to Islanders impacted, with savings growing to $20 million for the calendar year. 

Province presents 2023-2024 fiscal update

Wed, 12/06/2023 - 13:41

Today, government released the fiscal and economic update that outlines the financial state of the province and the economic outlook for 2024.

The economic and fiscal update is an annual reflection provided after second quarter outlining what the provincial government expects its financial results to be by the end of the fiscal year, based on information known since the release of the operating budget in May 2023. The update also provides an economic outlook for 2024 and beyond.

Government rolls back property tax

Fri, 12/01/2023 - 09:05

On Wednesday during the legislative assembly, Government passed an amendment to the Real Property Tax Act that will roll back provincial residential property taxes to prevent a sharp rise in taxes in 2024.

Pre-budget consultations open to Islanders

Fri, 11/24/2023 - 13:11

Island residents are invited to have their say on the 2024-2025 operating budget by taking part in annual pre-budget consultations.

Residents can submit their thoughts and ideas by emailing, participating in an online survey or by registering for virtual consultations.

Billion-dollar capital budget to revitalize province

Tue, 11/21/2023 - 10:43

Today, Premier Dennis King and Finance Minister Jill Burridge presented government’s capital budget to the Legislative Assembly, outlining a spend of $1.3 billion in infrastructure investments for Prince Edward Island.

PEI releases Public Accounts for 2022-2023 fiscal year

Mon, 11/06/2023 - 12:32

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2022-2023 fiscal year and report a surplus of $14.4 million.

Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.

Government releases new people strategy

Thu, 10/05/2023 - 11:04

A new strategy, released today, will guide the work of the PEI Public Service Commission over the next three years, supporting innovation and creativity in provincial civil service workplaces with a continued commitment to public service core values of respect, integrity, accountability and excellence.

The People Strategy 2023-2026 provides strategic direction for the PSC with a focus on four key goals:

HST rebate on new rental builds

Tue, 10/03/2023 - 11:33

The provincial government announces an HST rebate program for new rental builds to help create more housing for Islanders.

New naming program for places in PEI

Fri, 09/29/2023 - 12:07

A new program is available to the public to propose a name for a location, or to rename a location in Prince Edward Island.

The PEI Geographic Naming and Renaming Program provides a way for Island residents to submit proposals for adding a name where none currently exists, removing a name no longer used, changing an existing name, or modifying a name due to an error, such as misspelling or duplication. The PEI naming program ensures there is a consistent, transparent and inclusive approval process for submissions.

New Responsible Gambling Strategy for Islanders

Fri, 09/15/2023 - 09:17

A new strategy to help guide responsible gambling programs and services on Prince Edward Island is now available.

New numbers show PEI economy in good shape, driven by population and employment growth

Wed, 07/26/2023 - 12:37

The Annual Statistical Review, released today, shows that despite the challenges Prince Edward Island faced in 2022, such as a pandemic and a hurricane, the province continues to grow in many ways.

The 49th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. Over 100 data tables on various topics are included in the review, with new tables this year on labour productivity and tourism expenditures. 

Province launching new Internship Program

Fri, 07/21/2023 - 07:36

The Government of PEI is now accepting applications for those interested in joining the public service through internship opportunities. 

The Internship Program is designed to support a centralized, cohort approach to onboarding and development while also introducing new, diverse, and talented individuals to PEI’s Public Service. The Program offers temporary one-year assignments for recent graduates who have completed a post-secondary program within the last 36 months, and participants can expect:

Government introduces changes to income tax

Fri, 05/26/2023 - 11:02

Today during the Legislative Assembly, Government introduced amendments to the Income Tax Act that will result in more than $14 million remaining in the pockets of Islanders beginning this year.

The bill implements income tax changes announced in the 2023-24 operating budget.

Starting in 2023:

  • Raising the basic personal amount to $12,750;
  • Increasing the low-income tax reduction threshold;
  • Increasing the credit for seniors.

Starting in 2024:

Budget presents plan to support and improve the lives of Islanders 

Thu, 05/25/2023 - 12:04

Today, Premier Dennis King and Finance Minister Jill Burridge presented government’s 2023-24 operating budget to the Legislative Assembly, outlining a record $3 billion in investments for Prince Edward Island.

Province banning TikTok on Government connected devices

Wed, 03/01/2023 - 15:42

As of March 1, 2023, the Government of PEI will be banning the use of TikTok on Government connected mobile devices.

The changes are being made as a proactive measure to protect the privacy and security of government information, as TikTok’s mobile data collection methods include the ability to access more information than is necessary for the application to function.