P.E.I. income tax exemption will remain lowest in country
P.E.I. announced last week it will raise the basic personal amount of income exempt from tax, but that amount will continue to be the lowest in the country.
Basic personal amount up 2% for 2017
P.E.I. announced last week it will raise the basic personal amount of income exempt from tax, but that amount will continue to be the lowest in the country.
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The basic exemption for 2016 is $8,000. Last week's budget announced that will go up two per cent for 2017.
Most Canadian jurisdictions have exemptions that are more than $10,000.
- B.C.: $10,027.
- Alberta $18,451.
- Saskatchewan: $15,843.
- Manitoba: $9,134.
- Ontario: $10,011.
- Quebec: $11,550.
- New Brunswick: $9,758.
- NS: $8,481.
- NL: $8,802.
- NWT: $14,081.
- Nunavut: $12,947.
- Yukon: $11,474.
The province raised the personal amount last year to $8,000 from $7,708 in 2015. That was the first increase in the basic personal amount since 2008.
The government estimates the 2017 increase, along with a two per cent increase the spousal amount, will cost $1.5 million in revenue.
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