Prince Edward Island Finance News

The Government of PEI is making changes to taxation initiatives which will leave more money in the pockets of vulnerable Islanders and charitable organizations. 

The changes being announced will further fulfil government’s commitment to Islanders and will be effective January 1, 2023. These include:

Online submissions for pre-budget consultations open today allowing Islanders to share their input and ideas for the Province’s upcoming 2023-24 operating budget.

In order to effectively and efficiently reach communities and stakeholders across the Island, pre-budget consultations will continue to be held virtually. Islanders can continue to submit their input at Pre-Budget Consultations for the 2023-2024 Operating Budget until January 10, 2023.  

The Government of Prince Edward Island is announcing a new funding program to support the development of housing across PEI.

Today, Premier Dennis King and Finance Minister Mark McLane tabled the provincial government’s capital budget outlining a record spend of over $1 billion dollars in investments to infrastructure across the province over the next five years, including $308.1 million in spending in 2023-2024 fiscal year. 

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2021-2022 fiscal year and report a surplus of $83.8 million.
  
Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.

The Annual Statistical Review released today, provides an analysis of the province’s economic state, shows areas that continued to be affected by the COVID-19 pandemic, and highlights the re-emergence of PEI’s economy.

The 48th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. 

This week, over 90,000 Island residents will receive a relief payment to support those most affected by pressures brought on by inflation.

The inflationary support payment is a provincially funded initiative that will be delivered in collaboration with the Canada Revenue Agency (CRA) to provide an income tested support payment of up to $150 per qualified individual.

The Government of Prince Edward Island is providing a one-time subsidy to offset the increase in 2022 provincial residential tax due to the 2021 Consumer Price Index (CPI).

The Property Tax Subsidy will be administered through the Provincial Taxation Office and will provide a one-time subsidy to owner-occupied residential properties across PEI that will match the CPI increase in provincial taxes payable on their 2022 tax assessment.

Today, Premier Dennis King and Finance Minister Darlene Compton delivered government’s 2022-23 operating budget that outlines $2.7 billion in spending to assist Islanders as PEI moves forward and transitions to growth and recovery. 

The provincial government released a new diversity and inclusion strategy to ensure it is providing a safe, inclusive and diverse work environment for employees and clients, today and in the future.

The 2022-2025 Diversity and Inclusion Strategy will build on the 2019 Diversity and Inclusion Policy and enhance that framework to continue to shape a safe and innovative work-place culture that celebrates the diversity of PEI’s population.

A number of tax changes, including a tax credit for volunteer firefighters and ground search and rescue (GSAR) first responders will be introduced in the new year.

The changes will be effective January 1, 2022 and include: 

The modernization of PEI’s liquor laws and regulations is taking another step forward with recent changes to the province’s Liquor Control Act.

Changes made in the 2021 fall session of the Legislative Assembly come into effect December 18, 2021 and include:

Online submissions for pre-budget consultations open today for Islanders to share their input and ideas for the upcoming provincial 2022-23 operating budget.

This year again, all pre-budget consultations will take place virtually to adhere with public health and safety precautions.  Islanders can submit their input at Pre-Budget Consultations for the 2022-2023 Operating Budget until January 24, 2022.  

Islanders can provide their input to update the current Responsible Gambling Strategy through online submissions beginning today.

Today, Finance Minister Darlene Compton delivered the fall fiscal and economic update to inform Islanders of the financial state of the province and the economic outlook for 2022.
 

Today, the Province released all three volumes of Public Accounts which include the audited financial results for government from the 2020-2021 fiscal year, and shows a deficit of $5.6M.

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

Today Premier Dennis King and Finance Minister Darlene Compton tabled government’s capital budget outlining $212 million in planned spending on vital infrastructure in 2022-2023 that will continue to build on commitments to support Islanders, now and in the future.

The Annual Statistical Review released today, provides an analysis of the province’s economic state, shows areas that were affected by the COVID-19 pandemic, and highlights the resilience of PEI’s economy.

The 47th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. 

The data shows that while the COVID-19 pandemic had a significant impact on various sectors of PEI’s economy in 2020, there were some successes during a very difficult year, including:

Increased revenue from crown corporations and reduced expenses by government departments have improved the province's third-quarter fiscal position by $5 million.'Islanders expect and deserve a government that is fiscally responsible,' Premier and Finance and Energy Minister Wade MacLauchlan said. 'This update provides us with encouraging news that demonstrates how the budgetary restraint of our ministers and department staff is paying off and helping...

On Wednesday, March 25 2015, there will be a Core Government Internet/VPN Outage at the Sullivan Building Data Centre. This Internet outage is required for Aliant to perform scheduled maintenance. This outage will be scheduled for 10 minutes starting at 2:30 AM on March 25th.This outage will affect all connections to the Internet for Government Departments. Internet connections for Health and Education will not be affected.Items affected include:-...