P.E.I. income tax exemption will remain lowest in country
Kevin Yarr | CBC News | Posted: April 10, 2017 12:00 PM | Last Updated: April 10, 2017
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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