Prince Edward Island Finance News

A new strategy to help guide responsible gambling programs and services on Prince Edward Island is now available.
 

The Annual Statistical Review, released today, shows that despite the challenges Prince Edward Island faced in 2022, such as a pandemic and a hurricane, the province continues to grow in many ways.

The 49th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. Over 100 data tables on various topics are included in the review, with new tables this year on labour productivity and tourism expenditures. 

The Government of PEI is now accepting applications for those interested in joining the public service through internship opportunities. 

The Internship Program is designed to support a centralized, cohort approach to onboarding and development while also introducing new, diverse, and talented individuals to PEI’s Public Service. The Program offers temporary one-year assignments for recent graduates who have completed a post-secondary program within the last 36 months, and participants can expect:

Today during the Legislative Assembly, Government introduced amendments to the Income Tax Act that will result in more than $14 million remaining in the pockets of Islanders beginning this year.

The bill implements income tax changes announced in the 2023-24 operating budget.

Starting in 2023:

• Raising the basic personal amount to $12,750;
• Increasing the low-income tax reduction threshold;
• Increasing the credit for seniors.

Starting in 2024:

Today, Premier Dennis King and Finance Minister Jill Burridge presented government’s 2023-24 operating budget to the Legislative Assembly, outlining a record $3 billion in investments for Prince Edward Island.

As of March 1, 2023, the Government of PEI will be banning the use of TikTok on Government connected mobile devices.

The changes are being made as a proactive measure to protect the privacy and security of government information, as TikTok’s mobile data collection methods include the ability to access more information than is necessary for the application to function.

The 2022 Labour Force Survey for Prince Edward Island highlights a record year for employment and wage figures and showcases the strength of PEI’s growing economy.

The Labour Force Survey Annual Report is compiled and published by PEI’s Statistics Bureau in partnership with data collected by Statistics Canada. The survey gives an overview and snapshot of the provincial employment market during the year, and compares those figures to previous years. Highlights for 2022 include:

The Government of Prince Edward Island is delivering a property tax initiative that will provide a one-time subsidy to offset the 2023 property tax increase and further support Islanders with the cost of living.  

Similar to the 2022 property tax initiative, the 2023 Property Tax Subsidy will be administered through the Provincial Taxation Office and will provide a subsidy to owner-occupied residential properties across PEI that will offset increases to provincial taxes payable. 

Islanders are reminded that beginning this week, inflationary support payments stemming from the $58 million investment announced by the Province in October 2022 will be distributed to qualified individuals.

The province is releasing the fiscal and economic update that outlines the financial state of the province and the economic outlook for 2023.

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 February 2022. The update also provides an economic outlook for 2023 and beyond.

The Government of PEI is making changes to taxation initiatives which will leave more money in the pockets of vulnerable Islanders and charitable organizations. 

The changes being announced will further fulfil government’s commitment to Islanders and will be effective January 1, 2023. These include:

Online submissions for pre-budget consultations open today allowing Islanders to share their input and ideas for the Province’s upcoming 2023-24 operating budget.

In order to effectively and efficiently reach communities and stakeholders across the Island, pre-budget consultations will continue to be held virtually. Islanders can continue to submit their input at Pre-Budget Consultations for the 2023-2024 Operating Budget until January 10, 2023.  

The Government of Prince Edward Island is announcing a new funding program to support the development of housing across PEI.

Today, Premier Dennis King and Finance Minister Mark McLane tabled the provincial government’s capital budget outlining a record spend of over $1 billion dollars in investments to infrastructure across the province over the next five years, including $308.1 million in spending in 2023-2024 fiscal year. 

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2021-2022 fiscal year and report a surplus of $83.8 million.
  
Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.

The Annual Statistical Review released today, provides an analysis of the province’s economic state, shows areas that continued to be affected by the COVID-19 pandemic, and highlights the re-emergence of PEI’s economy.

The 48th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. 

This week, over 90,000 Island residents will receive a relief payment to support those most affected by pressures brought on by inflation.

The inflationary support payment is a provincially funded initiative that will be delivered in collaboration with the Canada Revenue Agency (CRA) to provide an income tested support payment of up to $150 per qualified individual.

The Government of Prince Edward Island is providing a one-time subsidy to offset the increase in 2022 provincial residential tax due to the 2021 Consumer Price Index (CPI).

The Property Tax Subsidy will be administered through the Provincial Taxation Office and will provide a one-time subsidy to owner-occupied residential properties across PEI that will match the CPI increase in provincial taxes payable on their 2022 tax assessment.

Today, Premier Dennis King and Finance Minister Darlene Compton delivered government’s 2022-23 operating budget that outlines $2.7 billion in spending to assist Islanders as PEI moves forward and transitions to growth and recovery. 

The provincial government released a new diversity and inclusion strategy to ensure it is providing a safe, inclusive and diverse work environment for employees and clients, today and in the future.

The 2022-2025 Diversity and Inclusion Strategy will build on the 2019 Diversity and Inclusion Policy and enhance that framework to continue to shape a safe and innovative work-place culture that celebrates the diversity of PEI’s population.