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February 20, 2008
For immediate release
Province of Prince Edward Island to Exempt Income from Working Income Tax Benefit
The Working Income Tax Benefit is a new refundable tax credit from the Government of Canada that will provide up to $500 to single individuals with annual earnings between $3,000 and $12,833. Couples and single parents with families, who earn between $3,000 and $21,167 will receive up to $1000.
“We are doing this to ensure that the estimated 5,500 individuals and families of Prince Edward Island who are eligible for this tax benefit will indeed benefit from it,“ said Doug Currie, Minister of Social Services and Seniors.
The following programs of the Department of Social Services and Seniors are income-based and will not be affected by the Working Income Tax Benefit: social assistance, disability support program, child care subsidy, social housing, pharmacy programs and the children’s dental health program.
“Our Government recognizes the real difference this program will make in the lives of Islanders,” said Provincial Treasurer Wes Sheridan. “The Working Income Tax Benefit will provide noticeable relief to those who, despite all their hard work, find themselves bringing in only a modest income. We are proud to lend support to this initiative in any way we can.”