April 8, 2014
Today P.E.I. Finance Minister Wesley Sheridan delivered the province’s 2014 budget. The budget, which does not include any corporate or personal income tax rate changes, projects a deficit of $39.7 million for 2014-15 and a small surplus in 2015-2016.
Corporate income tax rates
The budget did not announce any changes to the corporate income tax rate. As a result, the corporate income tax rates effective January 1, 2014 remain as follows:
Personal income tax rates
No changes to P.E.I.’s personal income tax rate were announced in the budget. As a result, P.E.I.’s combined federal and provincial top marginal tax rates are as follows:
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We can help
Your KPMG adviser can help you assess the effect of the tax changes in this year’s P.E.I. budget on your personal finances or business affairs, and point out ways to take advantage of their benefits or ease their impact. We can also keep you abreast of the progress of these proposals as they make their way into law and help you bring any concerns you may have to the attention of the P.E.I. Ministry of Finance.
Information is current to April 8, 2014. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.
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