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  PEI 2007 Budget  

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Atlantic Provinces -> Prince Edward Island

Prince Edward Island 2007 Budget - April 10, 2007

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basic personal amount increased from $7,460 in 2006
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to $7,560 in 2007, and

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to $7,708 in 2008

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spousal amount increased from $6,294 in 2006
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to $6,420 in 2007, and

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to $6,546 in 2008

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spousal income threshold increased from $629 in 2006
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to $642 in 2007, and

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to $655 in 2008

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age amount increased from $3,619 in 2006
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to $3,691 in 2007, and

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to $3,764 in 2008

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age income threshold increased from $26,941 in 2006
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to $27,480 in 2007, and

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to $28,019 in 2008

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tax bracket thresholds increased from $30,754 and $61,509 in 2006
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to $31,369 and $62,739 in 2007, and

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to $31,984 and $63,969 in 2008

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surtax threshold increased from $5,200 in 2006
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to $8,850 in 2007, and

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to $12,500 in 2008

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education amounts for
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full time students revised from $200 per month in 2006 to $400 per month in 2007 and later years

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part time students revised from $60 per month in 2006 to $120 per month in 2007 and later years

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small business corporate tax rate was reduced from 5.4% to 4.3% effective April 1, 2007, and will be reduced each year until it reaches 1% in 2010.

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small business threshold increased from $300,000 to $400,000 for 2007

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Federal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Québec:
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effective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.

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lifetime capital gains deduction increased from $500,000 to $750,000.

Further change re 2007 - August 15, 2007 announcement - the disability amount and supplement have been increased to the same as the federal amounts.  See the tables of personal tax credits.

For more information see the government of Prince Edward Island 2007 Budget web page.

 

Revised: April 23, 2010

 

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