PEI Budget 2024 Focuses on Healthcare, Housing and Income Tax Cuts 

The 2024 PEI budget facing an $86 million deficit, prioritizes healthcare and housing, and introduces significant income tax cuts in January 2025, benefiting all but the highest earners. These cuts are expected to boost retail, especially in home improvement sectors with incentives for energy-efficient upgrades, including encouraging consumers to buy heat pumps, hot water heaters and improved insulation for their homes. Investments continue in tourism to establish PEI as a year-round destination. Despite projected revenue growth, the deficit will linger until 2026-27. The budget, with a 4.4% spending increase, focuses on healthcare, housing, and a new children’s benefit.