At the end of the Spring session, the PEI Government tabled An Act to Amend the Income Tax Act. This measure comes from the 2025-2026 budget - to lower the corporate income tax rate by 1% and raise the small business threshold to $600,000.

In the amendments, the legislation clarifies the credit unions are eligible if they meet the set criteria for the small business deduction. CCUA is in contact with the Department of Finance to see what this means for our credit unions and what next steps need to be taken.

To read the amendments, click here.

If you have any questions,  please contact Jennifer English.