Calculators

Calculate the total income taxes of the Prince Edward Island residents for 2020

and/or
% marginal taxAverage % of taxPayable taxNet income after tax


Tax Breakdown

Federal tax
Marginal tax rate CanadaTaxation in CanadaAdditional amount for BPA increased (already subtracted from payable taxes)
Prince Edward Island tax
Marginal tax rate PEIPrince Edward Island tax

PEI Surtax

Surtax for Prince Edward Island only apply for income tax over 12500$ at a rate of 10% for 2020.
For more information about surtax, please refer to the Payroll Deductions Table / Surtax of the Canada government website.

PEI surtax RateSurtax Amount

Employee (by an employer)

CPPEmployment Insurance benefits (EI)

Self-employed (sole proprietorship)

CPP (self-employed)Employment Insurance benefits (EI)

TOTAL NET INCOME

After-tax income, annuities and insurance

Net income employeeNet income self-employed

The amount you pay in income taxes in PEI will rely upon the amount you make and how you bring in your money. The most taxed income will be gotten from labor, followed by capital increases or profits relying upon your negligible tax bracket.

The individual income tax rates will rely upon the income year you select and your residency status for income tax purposes during that pay year. Estimate your 2020 overall income taxes with just a couple of insights regarding your income and region with our income taxes calculator. Locate your standard tax rate and how much tax you should pay on any extra income.

Income tax calculator PEI is a user-friendly online tool that causes you estimate your taxes reliant on your pay and as well you can analyze how much tax has been paid in previous tax years or you can use the income tax calculator 2020 to see home a lot of your bring income tax revenue will be in 2020.

The lower rate for income tax in Prince Edward Island is 3.5% and the higher rate is 16%. The small business limit is $500,000. With this calculator you should be sure about your income revenue to decide your annual tax section. The income tax calculator gives you an approximation of the taxable income and tax payable once you give the essential details.

Information you need for this calculator

  • Your taxable income.
  • Your residency status for the particular income year.

Tax on Eligible Dividends in PEI

Eligible Canadian dividends that you have received will be earned up by 38%. Furthermore you will be given a 10.5% provincial dividend credit just as a 15.0198% federal dividend tax credit on your earned up dividends. Somebody at the 9.8% marginal tax bracket will have a tax bracket of 0.966% on profits obtained at the provincial level.

Additional information about income tax in Prince Edward Island

This calculator is easy to use and provides a stunning examination between all regions. It’s a great tool when you change jobs, get a raise or move to another region. Moreover there is an extra 10% surtax included to your tax bill your provincial taxes above $12,500.

The Prince Edward Island tax brackets and tax credits are not expanded for inflation. The calculated outcomes depend on the data you gave at the time of calculation. The specific amount of your income tax can only be calculated upon judgment of your income tax return.

Table of amounts and thresholds 2020

For the Provincial, Prince Edward Island
Amount type or threshold Amount
Basic Personal MBP Amount or Credits $ 9 160
Prince Edward Island tax threshold (provincial) $ 9 160

 

Amount type or threshold Amount
Basic Personal BPA Amount in Canada $ 12 298
Tax threshold in Canada (federal) $ 12 298
Tax threshold in Canada (federal) increased $ 13 229
Table of provincial tax brackets rates in Prince Edward Island for 2020
Gross taxable income brackets Prince Edward Island Marginal tax rates
10 000$ or less 0%
10 000$ to 31 984$ 9.8%
31 984.01$ to 63 969$ 13.8%
63 969,01$ or more 16.7%

For more information about Prince Edward Island and Canada tax rates brackets, visit the CRA Canada website.

Table of federal tax brackets and rates for 2020
Taxable Gross Tax Rates Marginal Tax Rates
12 298$ or less 0%
12 298$ to 48 535$ 15%
48 535,01$ to 97 069$ 20.50%
97 069,01$ to 150 473$ 26%
150 473,01$ to 214 368$ 29%
214 368,01$ or more 33%

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