By |
Prince Edward Island Tax Rates Before Surtax Surtax Eliminated for 2024 and Later Years |
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| 2024 Taxable Income | 2024 Tax Rates | 2023 Taxable Income | 2023 Tax Rates | ||||||
| first $32,656 | 9.65% | first $31,984 | 9.8% | ||||||
| over $32,656 up to $64,313 | 13.63% | over $31,984 up to $63,969 | 13.8% | ||||||
| over $64,313 up to $105,000 | 16.65% | over $63,969 | 16.7% | ||||||
| over $105,000 up to $140,000 | 18.00% | ||||||||
| over $140,000 | 18.75% | ||||||||
| Combined Federal & Prince Edward Island Tax Brackets and Tax Rates Including Surtax in 2023 Only | |||||||||
| 2024 Taxable Income | PE 2024 Marginal Tax Rates | 2023 Taxable Income | PE 2023 Marginal Tax Rates | ||||||
| Other Income |
Capital Gains |
Canadian Dividends | Other Income |
Capital Gains |
Canadian Dividends | ||||
| Eligible | Non-Eligible | Eligible | Non-Eligible | ||||||
| first $32,656 | 24.65% | 12.33% | -1.20% | 16.47% | first $31,984 | 24.80% | 12.40% | -0.99% | 16.64% |
| over $32,656 up to $55,867 | 28.63% | 14.32% | 4.29% | 21.04% | over $31,984 up to $53,359 | 28.80% | 14.40% | 4.53% | 21.24% |
| over $55,867 up to $64,313 | 34.13% | 17.07% | 11.88% | 27.37% | over $53,359 up to $63,969 | 34.30% | 17.15% | 12.12% | 27.57% |
| over $64,313 up to $105,000 | 37.15% | 18.58% | 16.05% | 30.84% | over $63,969 up to $101,104 | 37.20% | 18.60% | 16.12% | 30.90% |
| over $105,000 up to $111,733 | 38.50% | 19.25% | 17.91% | 32.40% | over $101,104 up to $106,717 | 38.87% | 19.44% | 16.97% | 32.67% |
| over $111,733 up to $140,000 | 44.00% | 22.00% | 25.50% | 38.72% | over $106,717 up to $165,430 | 44.37% | 22.19% | 24.56% | 39.00% |
| over $140,000 up to $173,205 | 44.75% | 22.38% | 26.54% | 39.58% | over $165,430 up to $235,675 | 47.69% | 23.85% | 29.15% | 42.82% |
| over $173,205 up to $246,752 | 48.07% | 24.04% | 31.12% | 43.40% | over $235,675 | 51.37% | 25.69% | 34.22% | 47.05% |
| over $246,752 | 51.75% | 25.88% | 36.20% | 47.63% | |||||
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Marginal tax rate for dividends is a % of actual
dividends received (not grossed-up taxable amount). Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains). Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 15%. |
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| Prince Edward Island Surtaxes | |||||||||
| 2024 | 2023 | ||||||||
| Surtax rate (included in above rates) | 0% | Surtax rate (included in above rates) | 10% | ||||||
| Surtax is on PE tax greater than | n/a | Surtax is on PE tax greater than | $12,500 | ||||||
| Person with only basic personal amount – surtax starts at taxable income of | n/a | Person with only basic personal amount – surtax starts at taxable income of | $101,104 | ||||||
| The surtax is calculated based on the net tax payable after deducting personal tax credits. | |||||||||
| Prince Edward Island Basic Personal Amount | |||||||||
| 2024 Personal Amount | 2024 Tax Rate | 2023 Personal Amount | 2023 Tax Rate | ||||||
| $13,500 | 9.65% | $12,750 | 9.8% | ||||||
| Federal Basic Personal Amount | |||||||||
| 2024 Personal Amount Minimum / Maximum | 2024 Tax Rate | 2023 Personal Amount Minimum / Maximum | 2023 Tax Rate | ||||||
| $14,156 | $15,705 | 15% | $13,520 | $15,000 | 15% | ||||
