The minimum wage on PEI has gone up $14.50 per hour after an increase of 80 cents on New Year’s Day.
There will also be a second increase of 50 cents on October 1st to bring the minimum wage up to $15 per hour in the fall.
Several other changes are coming financially:
The HST rebate will change in the New Year which will leave Islanders with more pocket money.
The harmonized sales tax rebate for charities and qualified non-profit organizations will increase to 50%.
Also the Basic Personal Amount on income tax will increase by $750 to $12,000 for Islanders this year.
Canada Pension Plan contributions and employment insurance premiums will increase this year.
The CPP contribution rate increases to 5.95 per cent from 5.70 per cent.
Employment insurance will see workers paying a maximum annual EI premium of just over $1,002 from $952 last year.
The Canadian Federation of Independent Business says those deductions will have workers seeing up to $305 less in take-home pay per year.
The federal carbon tax is also going to rise in the Atlantic provinces including PEI. It goes from $50 per metric tonne to $65 on April 1st.
In PEI the carbon tax will be applied on July 1st. Rebates of $240 will be given every three months.
The annual Tax-Free Savings Account will see the annual limit jump to $6,500 in 2023 which is a $500 increase and the first limit increase since 2019.
