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PEI 2007 Budget

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Atlantic Provinces   ->   Prince Edward Island

Prince Edward Island 2007 Budget - April 10, 2007

bulletbasic personal amount increased from $7,460 in 2006
bulletto $7,560 in 2007, and
bulletto $7,708 in 2008
bulletspousal amount increased from $6,294 in 2006
bulletto $6,420 in 2007, and
bulletto $6,546 in 2008
bulletspousal income threshold increased from $629 in 2006
bulletto $642 in 2007, and
bulletto $655 in 2008
bulletage amount increased from $3,619 in 2006
bulletto $3,691 in 2007, and
bulletto $3,764 in 2008
bulletage income threshold increased from $26,941 in 2006
bulletto $27,480 in 2007, and
bulletto $28,019 in 2008
bullettax bracket thresholds increased from $30,754 and $61,509 in 2006
bulletto $31,369 and $62,739 in 2007, and
bulletto $31,984 and $63,969 in 2008
bulletsurtax threshold increased from $5,200 in 2006
bulletto $8,850 in 2007, and
bulletto $12,500 in 2008
bulleteducation amounts for
bulletfull time students revised from $200 per month in 2006 to $400 per month in 2007 and later years
bulletpart time students revised from $60 per month in 2006 to $120 per month in 2007 and later years
bulletsmall 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.
bulletsmall business threshold increased from $300,000 to $400,000 for 2007
bulletFederal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Quebec:
bulleteffective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.
bulletlifetime 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: September 19, 2017

 

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