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Government introduces changes to income tax

CANADA, May 26 - 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:

  • Raising the basic personal amount to $13,500;
  • Doubling the children’s wellness amount;
  • Increasing the tax bracket thresholds;
  • Reducing tax rates on lower brackets.

“Tabling these amendments just one day after presenting the operating budget demonstrates Government’s commitment to act quickly to ensure Islanders get the support they need to live a more affordable, and comfortable life."

- Finance Minister Jill Burridge

Media contact:
Hillary MacDonald
Department of Finance