Prince Edward Island's Finance Minister, Darlene Compton, delivered the province’s 2020 budget on June 17, 2020.
The budget anticipates a deficit of $172.7 million for 2020-21 and projects a deficit of $69.5 million for 2021-22. In addition, the budget reduces the province's small business tax rate to 2% (from 3%), effective January 1, 2021, but does not include any new changes to personal tax rates. The budget also introduces measures to expand provincial gas tax exemptions for farmers, introduces a $500 non-refundable wellness tax credit for families with children, and increases the province's basic personal income tax amount to $10,500 (from $10,000).
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