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PEI PC MLA District 18 Rustico-Emerald

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You are here: Home / Issues / Increase basic personal tax exemption amount

Increase basic personal tax exemption amount

December 14, 2015 by Leave a Comment

The “Basic personal amount” for Prince Edward Island in the 2014 tax package is $7,708 – Line 5804 – Basic personal amount.

http://www.cra-arc.gc.ca/E/pub/tg/5002-pc/5002-pc-14e.html#P37_2377

PEI’s basic personal amount tax credit is the lowest in Canada – see all amounts for 2015 here.

This need for an increase has been raised numerous times by different constituents in District 18.

Information and Analysis (credit to Sean Wheeler)

Here is some information and analysis done on PEI’s basic personal amount during the 2015 election.

PEI Tax Rate 2014: 9.8% on the first $31,984 of taxable income

According to stats canada in 2012, 95,730 people had income over $10,000

Personal Exemption in 2014 is $7,708

  • Every $1,000 increase up to $31,984 is equal to $98 in savings per person earning over $10,000
  • Every $1,000 increase is equal to a decrease in revenue to government of $9.4 million
  • PEI Has the Highest low income tax rate and lowest personal exemption

Median Income on Pei is $29,310

Based on someone making median income:

Nova Scotia

  • 8.79% on the first $29,590 of taxable income
  • Personal Exemption is currently $8,481
  • Living in Nova Scotia – save $286

New Brunswick

  • 9.68% on the first $39,305 of taxable income
  • Personal Exemption is currently $9,472
  • Living in New Brunswick – save $197

Newfoundland

  • 7.7% on the first $34,254 of taxable income
  • Personal Exemption is currently $8,578
  • Living in Newfoundland – save $521

 

Related Issues:

Basic Income Guarantee Pilot Project

Related

Filed Under: Family Services, Finance Tagged With: basic personal amount, tax credit

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