The budget anticipates a deficit of $166.3 million for 2024-25 and projects deficits of $151.9 million ($183.9 million after a $32 million contingency fund for the potential effect of tariffs) for 2025-26 and $167.8 million for 2026-27. The budget decreases Prince Edward Island's general corporate tax rate to 15% and increases the province's small business income threshold to $600,000 effective July 1, 2025, among other changes.
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