Liberals Propose Breaks on Home Ownership, Rental Costs, Lower Income Taxes
Summerside, March 29 – A thriving Island economy means there is an opportunity now to reduce taxes and provide assistance to Islanders.
“Over the last several years, the Liberal team and I have worked very hard with Islanders to build a stronger economy and place the government’s finances on a solid foundation,” says Liberal Leader Wade MacLauchlan.
“That hard work is paying off – and we are now in a position to reduce the tax burden on thousands of Islanders. By reducing property taxes, we will help to reduce the cost of home ownership. And our new Rental Rebate will enhance affordability for thousands of Islanders and their families.”
The Liberal Party is proposing to:
- Reduce property tax by 10 per cent on the first $200,000 of a home’s assessed value beginning in 2020
- Provide an annual Rental Rebate of $300 for all units under $1,500 per month
- Increase the Basic Personal Exemption on income taxes to $10,000 by 2020 and keeping it above the regional average
- Raise the minimum wage to $14 per hour by 2022
- To increase supports for seniors and their families, a new Home First Initiative that will provide family caregivers with a benefit of up to $500 per month
- A new tax break for families who have their children involved in extra-curricular activities, including amateur sport, 4H, volunteer efforts, community organizations, and other activities will be introduced in 2020
- Provide a $4.5 million investment in a new Workers Benefit Program – which will support 12,600 working, low-income Islanders
Over the last four years, a series of tax reforms have resulted in $43.8 million in savings for Islanders.
“Our new proposals will add significantly to that record of success,” MacLauchlan said. “Taken together, our new tax measures will save Islanders a further $23.8 million annually.”