Prince Edward Island Finance News

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.

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. 

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.

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.

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 budgetsubmissions@gov.pe.ca, participating in an online survey or by registering for virtual consultations.

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.

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.

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:

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

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.

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

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. 

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:

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:

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.

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.

The 2022 Labour Force Survey for Prince Edward Island highlights a record year for employment and wage figures and showcases the strength of PEI’s growing economy.

The Labour Force Survey Annual Report is compiled and published by PEI’s Statistics Bureau in partnership with data collected by Statistics Canada. The survey gives an overview and snapshot of the provincial employment market during the year, and compares those figures to previous years. Highlights for 2022 include:

The Government of Prince Edward Island is delivering a property tax initiative that will provide a one-time subsidy to offset the 2023 property tax increase and further support Islanders with the cost of living.  

Similar to the 2022 property tax initiative, the 2023 Property Tax Subsidy will be administered through the Provincial Taxation Office and will provide a subsidy to owner-occupied residential properties across PEI that will offset increases to provincial taxes payable. 

Islanders are reminded that beginning this week, inflationary support payments stemming from the $58 million investment announced by the Province in October 2022 will be distributed to qualified individuals.

The province is releasing the fiscal and economic update that outlines the financial state of the province and the economic outlook for 2023.

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 February 2022. The update also provides an economic outlook for 2023 and beyond.