Prince Edward Island Individual Tax Breaks & Credits Directory (2024)

Explore all major PEI tax credits and benefits for families, seniors, students, renters, and more. Learn how to qualify, claim, and maximize your tax savings if you reside in Prince Edward Island.

Quick Links:

Family & Children Credits

PEI offers a range of credits and benefits to support families with children, including both provincial and federal programs. Key options include:

How to claim: Most credits require you to file your tax return and ensure your children are registered with the CRA. For childcare, keep all receipts. For CCB/PEI Child Benefit, apply or update information through your CRA MyAccount.

Seniors Credits

Claim tip: File your return and indicate eligible income. For home renovation credits, keep detailed receipts and be prepared for possible audit.

Student Credits

Provide T2202 forms for tuition and keep loan interest statements. Transfer forms must be signed if credits are transferred to family.

Renter & Housing Benefits

For rebates, keep all heating and rent receipts. Most credits require you to file a tax return annually.

Health & Disability Supports

Tip: For DTC, ensure your application is complete and keep all supporting documents. Medical expenses require receipts. Drug program eligibility is based on income.

Unique PEI Programs & Additional Supports

Application processes for these programs may require separate forms or direct applications to the provincial government, in addition to any tax return claims.

Claim Process & Documentation Requirements

  1. File your annual PEI and federal income tax returns, even if you have no income. Most credits are calculated automatically based on your return.
  2. Apply separately for programs that require it (e.g., Home Heating Rebate, Drug Cost Assistance, Fertility Rebate).
  3. Keep detailed receipts for childcare, tuition, rent, medical, and renovation expenses. CRA and PEI may audit claims.
  4. Retain all government correspondence, statements, and forms for at least 6 years.

Internal Links & Related Resources

FAQs: Prince Edward Island Individual Tax Credits

Do I have to apply for most PEI tax credits?
No, most credits (like the PEI Child Benefit or Seniors Credit) are calculated automatically when you file your tax return. Some (like the Home Heating Rebate) require a separate application.
Can I get both the PEI Child Benefit and the Canada Child Benefit?
Yes, eligible families receive both, and they are coordinated. File your tax return and keep your family information up to date with CRA.
How do I transfer unused tuition to a parent or grandparent?
On your tax return, complete the transfer section and provide the required forms (T2202) and a signed authorization.
What documents should I keep for audit?
Keep receipts for all expenses claimed (childcare, tuition, medical, rent, home repairs). Keep notices of assessment and correspondence from CRA/PEI government for at least 6 years.
Are there any special PEI credits for renters?
While there is no direct renter's tax credit, low-to-modest income renters may qualify for the Home Heating Rebate, GST/HST credit, and housing assistance programs.
Where can I find official information on PEI credits?
Tip: Even if you have no income, always file your tax return to ensure you receive all credits and benefits for which you are eligible.