March 27, 2013
Highlights of the 2013 P.E.I. Budget
Prince Edward Island's Minister of Finance Wesley Sheridan tabled the province's 2013 budget on March 27, 2013. The budget forecasts a deficit of $58.9 million for 2013-14 and projects a deficit of $34.5 million for 2014-15. The budget increases the small business income tax rate by 3.5% to 4.5% for 2013, among other changes.
Highlights of tax measures announced in the budget are summarized below.
Business Tax Changes
income tax rates
Personal Tax Changes
Personal income tax
Other Tax Measures
The 2013 budget restates the government's intention to introduce point-of-sale exemptions for home heating oil, printed books, and children's clothing and footwear, and to introduce an enhanced refundable tax credit for certain taxpayers of up to $200 per year, with payments beginning in July 2013.
We can help
Your KPMG adviser can help you assess the effect of the tax changes in this year's Prince Edward Island 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 Prince Edward Island Ministry of Finance, Energy and Municipal Affairs. For more information, contact your KPMG adviser.
Information is current to March 27, 2013. 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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