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PEI Income Tax Calculator 2023 & 2024.

This Page Was Last Updated: April 29, 2024
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PEI
Estimate your 2022 & 2023 total income taxeswith only a few details about your income
Inputs
Tax Year
Your Employment Status
Employment Income
Other Income
Capital Gains Before June 25
Capital Gains After June 24
RRSP Contributions
Additional Deductions
Eligible Dividends
Ineligible Dividends
Results
Total Income
$50,000
Deductions
$465
Adjusted Taxable Income
$49,535

Total Tax
$11,833
Federal Tax
$4,390
Provincial Tax
$3,847
EI Premiums
$830
CPP Contribution
$2,767
CPP2 Contribution
$0

After Tax Income
$38,167
Average Tax Rate
23.67%
Marginal Tax Rate
28.63%

These calculations include the following tax credits: basic personal amount, Canada employment amount, CPP/QPP, CPP2/QPP2, QPIP, EI premiums, and dividend tax credits. You may be eligible for other tax credits based on your province and income.

Canada Federal and Prince Edward Tax Brackets 2024
Your taxable income places you in the following tax brackets.
Federal tax bracketFederal tax rates
$55,867 or less 15%
$55,868 to $111,73320.5%
$111,734 to $173,20526%
$173,206 to $246,75229%
More than $246,753 33%
Prince Edward tax bracketPrince Edward tax rates
Up to $32,656 9.65%
$32,657 to $64,31313.63%
$64,314 to $105,00016.65%
$105,001 to $140,00018%
More than $140,001 18.75%
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PEI Income Tax Brackets Changes

PEI introduced additional tax brackets and revised the tax rates in 2024. The changes are outlined in the table below.

PEI Income Tax Bracket Changes 2023 - 2024

2023 Taxable Income2023 Tax Rates2024 Taxable Income2024 Tax Rates
Up to $31,9849.8%Up to $32,6569.65%
Over $31,984 to $63,96913.8%Over $32,656 up to $64,31313.63%
Above $63,96916.7%Over $64,313 to $105,00016.65%
--Over $105,000 to $140,00018.00%
--Above $140,00018.75%

PEI's basic personal amount will be increasing from $12,750 in 2023 to $13,500 in 2024.

PEI Personal Amounts 2024

20232024
Basic Personal Amount$12,750$13,500
Spouse/Common-Law Partner$10,19211,466
Eligible Dependant$10,19211,466

Prince Edward Island Surtax Eliminated

PEI's surtax is an additional tax on the amount of net provincial tax payable. Till 2023, those who owed over $12,500 in PEI Tax had to pay a surtax of 10% on the tax amount over $12,500. The surtax was eliminated for 2024 and beyond.

PEI Low Income Tax Reduction

You may claim this tax credit if you qualify as a low-income individual or family in PEI. For 2023, the maximum amount that can be claimed was $350 for oneself and $350 for a spouse or common-law partner. An amount of $300 can be claimed for each child.

PEI Young Child Tax Credit

If you have a dependent child who is younger than six years old, you can claim $100 per month. If you have a spouse/common-law partner, only the lower-income partner can claim this tax credit.

PEI Volunteer Firefighter Tax Credit

You may claim this tax credit if you were a volunteer firefighter and a resident of Prince Edward Island. This tax credit provides a refundable tax credit of $500.

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