T1 General - 2024

Prince Edward Island Tax and Credits PE428

Prince Edward Island Tax and Credits

Step 1 - Prince Edward Island non-refundable tax credits
Basic personal amount						claim $7,708		5804		1
Age amount (if born in 1950 or earlier) (use the Provincial Worksheet)						(maximum $3,764)		5808	+	2
Spouse or common-law partner amount
	Base amount
	Minus: his or her net income from page 1 of your return	-
	Result: (if negative, enter "0")	=				(maximum $6,546)	►	5812	+	3
Amount for an eligible dependant
	Base amount
	Minus: his or her net income from page 1 of your return	-
	Result: (if negative, enter "0")	=				(maximum $6.294)	►	5816	+	4
Amount for infirm dependants age 18 or older (use the Provincial Worksheet)								5820	+	5
Amount for young Children
Number of eligible months (Complete the table below calculator)				6372		x $100 =		5823	+	6
CPP or QPP contributions:
	(amount from line 308 of your federal Schedule 1)							5824	+	•7
	(amount from line 310 of your federal Schedule 1)							5828	+	•8
Employment insurance premiums:
	(amount from line 312 of your federal Schedule 1)							5832	+	•9
	(amount from line 317 of your federal Schedule 1)							5829	+	•10
Pension income amount						(maximum $1,000)		5836	+	11
Caregiver amount (use Provincial Worksheet)								5840	+	12
Disability amount (for self) (Claim $6,890, or if you were under 18 years of age, use the Provincial Worksheet.)								5844	+	13
Disability amount transferred from a dependant (use the Provincial Worksheet)								5848	+	14
Teacher school supply amount						(maximum $500)		5850	+	15
Interest paid on your student loans (amount from line 319 of your federal Schedule 1)								5852	+	16
Your tuition and education amounts [use and attach Schedule PE(S11)]								5856	+	17
Tuition and education amounts transferred from a child								5860	+	18
Amounts transferred from your spouse or common-law partner [use Schedule PE(S2)]								5864	+	19
Medical expenses:
	Amount from line 330 of your federal Schedule 1			5868			20
	Enter $1,678or 3% of line 236 of your return, whichever is less.				-		21
	Line 20 minus line 21 (if negative, enter "0")				=		22
Allowable amount of medical expenses for other dependants (use the Provincial Worksheet)				5872	+		23
Add lines 22 and 23.				5876				►	+	24
Add lines 1 to 19, and line 24.								5880	=	25
Prince Edward Island non-refundable tax credit rate (%)									x	26
Multiply line 25 by line 26.								5884	=	27
Donations and gifts:
Amount from line 345 of your federal Schedule 9			x 9.8% =				28
Amount from line 347 of your federal Schedule 9			x 16.7% =		+		29
Add lines 28 and 29.				5896	=			►	+	30
Add lines 27 and 30. Enter this amount on line 43				Prince Edward Island non-refundable tax credits					=	31

Step 2 - Prince Edward Island tax on taxable income
Enter your taxable income from line 260 of your return.					32
Complete the appropriate column depending on the amount on line 32.		Line 32 is $31,984 or less	Line 32 is more than $31,984 but not more than $63,969	Line 32 is more than $63.969
Enter the amount from line 32					33
		-	-	-	34
Line 33 minus line 34 (cannot be negative)		=	=	=	35
		x	x	x	36
Multiply line 35 by line 36		=	=	=	37
		+	+	+	38
Add lines 37 and 38	Prince Edward Island tax on taxable income	=	=	=	39

Step 3 - Prince Edward Island tax
Enter your Prince Edward Island tax on taxable income from line 39.							40
Enter your Prince Edward Island tax on split income from Form T1206.					6151	+	•41
Add lines 40 and 41.						=	42
Enter your Prince Edward Island non-refundable tax credits from line 31.					43
Prince Edward Island dividend tax credit: Credit calculated for line 6152 on the Provincial Worksheet		6152	+		•44
Prince Edward Island overseas employment tax credit: Amount from line 426 of your federal Schedule 1	x 57.5% =	6153	+		•45
Prince Edward Island minimum tax carryover: Amount from line 427 of your federal Schedule 1	x 57.5% =	6154	+		•46
Add lines 43 to 46.			=		►	-	47
Line 42 minus line 47 (if negative, enter "0")						=	48
Prince Edward Island additional tax for minimum tax Amount from line 117 of Form T691	x 57.5% =					+	49
Add lines 48 and 49.						=	50
P.E.I. surtax: (Amount from line 50	minus $12,500) X 10% (if negative, enter "0") =					+	51
Add lines 50 and 51						=	52
Prince Edward Island low-income tax reduction
If you had a spouse or common-law partner on December 31, 2024, you have to agree on who will claim this tax reduction.
Only one of you can claim it for your family. However, any unused amount can be claimed by the other person.
Unused low-income tax reduction from your spouse or common-law partner, if applicable					6342	-	•53
Line 52 minus line 53 (if negative, enter "0")				.		=	54
(If you claimed an amount on line 53, enter "0" on line 74.)

Adjusted family income for the calculation of the Prince Edward Island low-income tax reduction
	Column 1 - You			Column 2 - Your spouse or common-law partner
Enter the net income amount from line 236 of the return.			55		55
Universal child care benefit (UCCB) repayment: Enter the amount from line 213 of the return.	+		56	+	56
Add lines 55 and 56.	=		57	=	57
UCCB income: Enter the amount from line 117 of the return.	-		58	-	58
Line 57 minus line 58 (if negative, enter "0")	=		59		59
Add the amounts on line 59 in column 1 and column 2, if applicable. Enter the result on line 69 on the next page.		Adjusted family income			60

Step 3 - Prince Edward Island tax (continued)
Enter the amount from line 54									61
Basic Reduction			Claim $300	6339			62
Age reduction for self			Claim $250	6336			63
Reduction for your spouse or common-law partner			Claim $300	6340			64
Age reduction for your spouse or common-law partner			Claim $250	6337			65
Reduction for an eligible dependant claimed on line 5816			Claim $300	6341			66
Reduction for dependent children born in 1997 or later
Number of dependent children (do not include a child claimed on line 66)	6099		x $250 =		+		67
Add lines 62 to 67					=		68
Adjusted Family Income
Enter the amount from line 60		=		69
Base Amount		-		70
Line 69 minus line 70 (if negative, enter "0")		=		71
Applicable rate (%)		x		72
Multiply line 71 by line 72.		=		►	-		73
Line 68 minus line 73 (if negative = "0")		Prince Edward Island low-income tax reduction			=		►	-	74
Line 61 minus line 74 (if negative, enter "0")								=	75
Enter the provincial foreign tax credit from Form T2036.								-	76
Line 75 minus line 76 (if negative, enter "0")								=	77
Political contribution tax credit
Prince Edward Island political contributions made in 2024				6338			78
Credit calculated for line 79 on the Provincial Worksheet						(maximum $500)		-	79
Line 77 minus line 79 (if negative, enter "0")								=	80
Equity tax credit
Enter the equity tax credit from Certificate PE-ETC.				6350			81
Unused Prince Edward Island equity tax credit from your 2023 notice of assessment or notice of reassessment					+		82
Line 81 plus line 82			(maximum $7,000)				►	-	83
Line 80 minus line 83 (if negative, enter "0"). Enter the result on line 428 of your return.						Prince Edward Island tax		=	84
Prince Edward Island volunteer firefighter tax credit
Volunteer firefighter tax credit. Enter the amount on line 479 of your return.						Claim $500	6351		85

Unused low-income tax reduction that can be claimed by your spouse or common-law partner
Amount from line 74					86
Amount from line 52					87
Line 86 minus line 87 (if negative, enter "0")			Unused amount	=	88
Details of amount for young children
No.	Child's Name	Relationship to you	Date of Birth	Number of Eligible Months
1
2				+
3				+
Total number of eligible months for all children. Enter this amount beside box 6372 on line 6.				=

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T1 General - 2024

Prince Edward Island Tax and Credits PE428