Fri. Feb 23rd, 2024

Money: what changes for your personal finances today. of 2024

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Several provincial and federal measures will help reduce the impact of the rising cost of living in 2024.

  • Laurent Rigaux (View profile)Laurent Rigaux

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Here is an overview of all the measures that come into effect next year in Prince Edward Island, and which may have an impact on your personal finances.

Starting January 1, 2024, the federal government will index its tax brackets by 4.7%. The income from which you start paying tax will increase from $14,156 to $15,705.

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The month of March means the start of tax season.

In Prince Edward Island too, the calculation of the tax income tax will change.

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The basic personal amount will increase from $12,750 to $13,500 . And the three tax brackets will be replaced by five brackets. The rates are now:

Thanks to a new tax credit, the property tax paid by owners in 2024 will be the same as that which would have been paid taking into account the property assessment at the end of 2020.

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For two years, the province has provided a subsidy to offset the increase in property taxes linked to increases in property assessments. It will now be a tax credit, the level of which will be determined each year.

The Legislature passed amendments to the Property Tax Act this fall that will prevent tax increases property thanks to a tax credit, the amount of which will be fixed each year.

The province has been providing a one-time grant for two years to offset property tax increases resulting from ever-increasing property assessments. With these changes to the law, we maintain the possibility for the government to reduce the impact of these increases.

The announcement was made this month that daily fees for licensed child care centers will increase from $20 to $10 per day starting January 1, 2024.

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Federal Minister of Families and Children Jenna Sudds (left) announced the reduction in child care fees in Prince Edward Island starting in 2024, in the presence of Natalie Jameson (right). ), Minister of Education and Early Childhood of the province.

The province thus achieves the objective defined within the framework of its agreement with Ottawa, a year earlier than expected.

For a child who attends daycare five days a week, the savings for parents will be $100 for two weeks.

The Maximum income to obtain a free heat pump increases from $75,000 to $100,000 per household as of January 3, 2024.

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More than 7,000 free heat pumps have been installed in two years, according to the provincial government.

In addition, property assessment will no longer be part of the eligibility criteria.

This provincial program has enabled the installation of more than 7,000 heat pumps since its launch two years ago, according to the provincial government.

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The minimum wage in Prince Edward Island will reach $16 on October 1, 2024.

The minimum hourly wage will increase from $15 to $15.24 on April 1, then to $16 on October 1, 2024.

For someone who works 39 hours per week, this will correspond to $2,028 increase per year, starting in October.

Prince Edward Island is considered a rural region in the calculation of the Climate Action Incentive Payment (CIAP). As such, the amount received each quarter is increased by 10%.

As of April 1, 2024, it will be increased by 20%.

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The increase in the quarterly carbon tax payment for residents of rural areas will double. All of Prince Edward Island is considered rural.

Unlike other provinces, this increase is included in the basic PIAC amount because all residents of the province are entitled to it. In Nova Scotia, for example, this increase only concerns residents outside the Halifax metropolitan area.

The PIAC is the payment quarterly revenue from the carbon tax, collected by the federal government. Ottawa also announced that fuel oil will be exempt from carbon taxes for three years.

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