Canada: Income and property tax measures in 2023 budget (Prince Edward Island)
The budget does not include any new changes to the corporate income tax rates.
The budget does not include any new changes to the corporate income tax rates.
The 2023 provincial budget for Prince Edward Island was delivered on 25 May 2023.
The budget does not include any new changes to the corporate income tax rates.
With respect to individual (personal) income tax, one measure in the budget introduces a five-bracket system beginning in 2024 (replacing the current three-bracket and surtax system). Another measure increases the basic personal income tax exemption to $12,750* (from $12,000).
The budget also provides for a reset of property tax assessment rates equivalent to 2020 rates.
Read a May 2023 report [PDF 194 KB] prepared by the KPMG member firm in Canada
*$=Canadian dollar
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.