aussi disponible en français
July 5, 2013
For immediate release
The first quarterly Prince Edward Island Sales Tax Credits issued this week
Finance and Energy
This week, qualifying Islanders will begin to receive the new Prince Edward Island Sales Tax Credit, says Minister of Finance, Energy and Municipal Affairs, Wes Sheridan.
“This Government has taken a significant step to modernize our revenue system and accelerate our economy by implementing the HST in this province,” said the minister. “And, we have done this while making sure low and modest income households are not negatively impacted by this new system.”
Together with a 1.5 per cent reduction in the overall sales tax rate and point-of-sale rebates of the provincial portion of the harmonized sales tax (HST) on heating oil, children’s footwear, children’s clothing and books available to all Islanders, the Prince Edward Island Sales Tax Credit (PEISTC), will offset increases for those individuals who qualify. The credit, like the HST, is administered by the Canada Revenue Agency (CRA) on behalf of the province. The new PEISTC is in addition to the federal goods and services / harmonized sales tax (GST/HST) credit that is delivered on a quarterly basis. This helps to maintain a streamlined process for Islanders to access this benefit.
To receive the PEISTC, Islanders must be over the age of 19, have a modest net income and have an assessed 2012 income tax return in which the box requesting the GST/HST credit was checked. However, if the GST/HST credit question is not completed, CRA has a process in place that will identify individuals who qualify to ensure the appropriate credits are administered.