5 key items from the 2024 P.E.I. budget
The 2024 P.E.I. budget includes new supports for low-income families, bigger investments in health and relief on tax day for just about everyone.
Lower taxes
The province is lowering personal income taxes across the board, by raising the basic personal amount and lowering tax rates in most brackets for the 2025 tax year.
The one exception is for incomes over $140,000, where the rate will go up. There will also be some small adjustments to tax brackets.
With the change, the province estimates it will forgo $14.6 million in revenue.
Some things are just costing more
A significant amount of spending in this budget is adding more resources to items already planned.
Establishing medical homes: An additional $10.5 million for a total investment of $25.8 million.
New medical school: An additional $9.9 million for a total investment of $36.2 million.
Emergency homeless shelters: An additional $6.9 million.
School food program: An additional $1 million.
Children's benefit coming in January
Some families will start receiving new support from the P.E.I. government starting in January.
Full details have not yet been released. Families with income of $45,000 or lower will receive maximum assistance, which for families with two children would be $720 per year. That support would be reduced for higher incomes, dropping to zero at a household income of $80,000.
The budget includes $1.1 million to cover the first three months of 2025. Annual costs for the program will be $4.4 million.
Child vision care
The Eye See, Eye Learn program will provide financial support for vision care for elementary school aged children without private coverage.
The program will cover annual examinations and glasses if required.
The budget includes $700,000 for this program.
Land use plan
The budget includes $200,000 for the creation of a land use plan.
A 2021 report described the need for a land use plan as urgent. With record population growth leading to more urban sprawl and ribbon development, agricultural groups have said that urgency has only grown.
While there is money for the plan, there is still no schedule for its implementation.
