Prince Edward Island Finance News

The Government of Prince Edward Island wants to assure Islanders that alternative pickup and delivery methods will be available during the Canada Post strike for cheques and other important information from government.

Provincial government departments have identified services affected by the Canada Post work disruption. To minimize impacts on the delivery of Social Program payments made by cheque, these payments were kept out of the Canada Post system.

Today, the Government of Prince Edward Island unveiled its largest capital budget in decades, focused on key investments that will shape the province’s future. With the theme “Building for Our Future,” this year’s capital budget reflects a historic commitment to infrastructure renewal, modernized public services, and sustainable growth—comparable to the transformative Comprehensive Development Plan of 1969.

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2023-2024 fiscal year and report a deficit of $14.8 million.

The 2023-2024 fiscal year deficit is less than the $97.6 million budgeted deficit released in spring 2023, partly due to revenues being $47.2 million higher than budgeted combined with expenditures being nearly $35.6 million lower than budgeted, mainly relating to unavoidable program implementation delays and a change in the pension valuation. 

Island residents are invited to participate in the annual pre-budget consultations for the 2025-2026 provincial operating budget. 

Residents can submit their thoughts and ideas in a variety of ways:

The provincial government is making it easier than ever for people to find information about tender award results. 

PEI’s procurement website now offers the results of public tenders all in one area. This will save people time and effort when they’re looking for this information, including who received a contract and the dollar value.   

The 50th Annual Statistical Review shows that PEI still has the fastest growing economy among provinces, second only to the territory of Nunavut, despite economic expansion slowing for the second consecutive year.

Minister of Finance Jill Burridge and Minister of Health and Wellness Mark McLane issued the following statement:

“The Government of Prince Edward Island is taking action to discourage vaping by signing a Coordinated Vaping Products Taxation Agreement with the Government of Canada.

In May 2022, legislation was introduced to signal the province’s intention to join the federal coordinated vaping taxation framework to address an increase in vaping and help reduce vaping-associated lung illnesses.

More Island seniors are now eligible for the Seniors Property Tax Deferral Program due to an increase in the income threshold.

The program lowers the cost of living for qualifying seniors by deferring the payment of property taxes on their principal residence. The provincial government has increased the income threshold on the program from $35,000 to $42,000. The last time the income threshold changed was in June 2009.

Yesterday, an issue was identified of some Government of PEI toll-free numbers not being routed to the proper destination.

This issue is now resolved. 

Media contact:
Hillary Proctor
Department of Finance
hproctor@gov.pe.ca

An issue has been identified with some Government of PEI toll free numbers not being routed to the proper destination.

The vendor for Government toll free numbers has been notified and they are working to resolve the issues as soon as possible.

A public advisory will be sent when the issue has been resolved.   

Media contact:
Hillary Proctor
Department of Finance
hproctor@gov.pe.ca

Today, Hon. Jill Burridge, Minister of Finance, presented government’s 2024-25 operating budget to the legislative assembly, outlining $3.2 billion in investments for Prince Edward Island with a continued focus on healthcare, housing and affordability measures.

Island residents will save more in 2024 due to changes in provincial income and property taxes this year.

Changes to the current income tax bracket system effective January 1, 2024, will result in total savings of $14 million this fiscal year to Islanders impacted, with savings growing to $20 million for the calendar year. 

Today, government released the fiscal and economic update that outlines the financial state of the province and the economic outlook for 2024.

The economic and fiscal update is an annual reflection provided after second quarter outlining what the provincial government expects its financial results to be by the end of the fiscal year, based on information known since the release of the operating budget in May 2023. The update also provides an economic outlook for 2024 and beyond.

On Wednesday during the legislative assembly, Government passed an amendment to the Real Property Tax Act that will roll back provincial residential property taxes to prevent a sharp rise in taxes in 2024.

Island residents are invited to have their say on the 2024-2025 operating budget by taking part in annual pre-budget consultations.

Residents can submit their thoughts and ideas by emailing budgetsubmissions@gov.pe.ca, participating in an online survey or by registering for virtual consultations.

Today, Premier Dennis King and Finance Minister Jill Burridge presented government’s capital budget to the Legislative Assembly, outlining a spend of $1.3 billion in infrastructure investments for Prince Edward Island.

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2022-2023 fiscal year and report a surplus of $14.4 million.

Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.

A new strategy, released today, will guide the work of the PEI Public Service Commission over the next three years, supporting innovation and creativity in provincial civil service workplaces with a continued commitment to public service core values of respect, integrity, accountability and excellence.

The People Strategy 2023-2026 provides strategic direction for the PSC with a focus on four key goals:

The provincial government announces an HST rebate program for new rental builds to help create more housing for Islanders.

A new program is available to the public to propose a name for a location, or to rename a location in Prince Edward Island.

The PEI Geographic Naming and Renaming Program provides a way for Island residents to submit proposals for adding a name where none currently exists, removing a name no longer used, changing an existing name, or modifying a name due to an error, such as misspelling or duplication. The PEI naming program ensures there is a consistent, transparent and inclusive approval process for submissions.