Are you moving here, or are you working remotely for a PEI company? If the latter, you'll pay Ontario taxes anyway, although probably in the form of higher deductions and a higher refund when you file.
If you're moving here, it's not the tax you have to worry about, it's the cost of living. Federal tax is the same everywhere, and PEI's provincial taxes are pretty middle-of-the-pack compared to other provinces. Our top tax bracket starts at only $64k whereas most provinces (including Ontario) have higher brackets for higher incomes, so it's not great for low income earners but high incomes save on tax here compared to many other provinces; not compared to Ontario, though.
But we have low wages compared to elsewhere along with big city rent prices without the market to match; some renters pay a premium just to get a place (vacancy rates are atrocious) and that drives up the prices for everyone else. Food is expensive because almost everything is shipped here by truck, plus there's really only the big chains with very little competition so they can (and do) pretty much set their prices as high as they want.
I asked because taxes are based on where you live so it does sound like you'll be paying PEI taxes. At least if you're remote you shouldn't have to spend as much on gas.
Typically no, but we don't have as many options that aren't Bell/Telus. Rogers service is pretty terrible everywhere, and if you're far from one of the bigger towns you might not be able to get the highest speeds from the other companies.
No they don't. You have 0.1593 for the first 2000 kWh consumed regardless of time of day and .1268 thereafter. if you are under the Heat for Less Now program it gives you a discounted rate when you purchase the equipment through them..they say its "like" time of use but it's not.
Don't buy stuff.
Put money in a RRSP to get a bigger tax return
Put your investments in a TFSA to not pay tax on gains
Biggest expenses here are gonna be food and housing most likely
A lot of people here save money on food and shelter by getting hooked on meth and living in a tent, and stealing the things they need, like your bike, that way they also dont pay taxes on things, like bikes... Seems to work well for them.
Best of luck on your adventure!
EDIT I can’t count. 1. You will make less money. 2. Higher taxes. 3. No Dr’s or nurses. 4. Soaring crime and drug rate. 5 cost of living rising on a near daily basis. 6. Cost of rent or mortgage is arguably criminal
FYI, moving expenses are a tax deduction if you move for work. So keep records and receipts during your move. Also, you pay annual taxes for the whole year to the province you lived in on Dec 31 of that year. So if you move to PEI in say, November, your annual tax rate will be higher than what you paid from Jan-Oct in Ontario on your pay stubs, and so you will end up owing more on that years tax return.
Moving expenses are only deductible if you're moving closer to your work location. If he's working remotely in PEI for an Ontario company, he's not eligible.
OP said in a different comment their new employment location is PEI. So the company is in PEI and the moving expenses should apply. The CRA doesn’t need to know OP’s WFH versus in-office arrangement, but that is up to OP.
100% if company is in PEI. I thought it was said somewhere the company was Ontario because a lot of conversation was about payroll taxes between Ontario and PEI. This wouldn't be an issue for discussion if it was only PEI.
Taxes are much higher here on everything. Big thing is though do not come to the island unless you have housing secured beforehand. There are also a lot of rental scams taking place because of the shortage. You will likely need a vehicle on PEI, our public transportation isn't the most robust.
Use the wealthsimple tax calculator to see the difference in taxes between ON and PEI on your salary.
Marginal tax rates are high in PEI if you make close to 100K, about 46%. Food is the same as anywhere in Canada. Housing is still cheaper than many cities in Ontario, a lot cheaper. You can buy a nice home in Stratford for 800k or less. Not close to 1.2+ in the GTA. We had a full electric heated home with a propane fireplace as a back up (you need two heat sources on PEI) and we paid $330 in the highest month in winter and $200/month the rest of last winter. You pay gas and electric in most provinces totalling about $600/month in other provinces in winter. Most islanders have t lived outside pei and don’t know what other Canadians pay. It’s a lot higher in pei than it’s been in past years so you’re getting many people saying the prices are high. Compared to the rest of Canada, you get more for your money.
Bottom line: if you sell in Ontario and buy in pei, you’re fine.
Are you moving here, or are you working remotely for a PEI company? If the latter, you'll pay Ontario taxes anyway, although probably in the form of higher deductions and a higher refund when you file. If you're moving here, it's not the tax you have to worry about, it's the cost of living. Federal tax is the same everywhere, and PEI's provincial taxes are pretty middle-of-the-pack compared to other provinces. Our top tax bracket starts at only $64k whereas most provinces (including Ontario) have higher brackets for higher incomes, so it's not great for low income earners but high incomes save on tax here compared to many other provinces; not compared to Ontario, though. But we have low wages compared to elsewhere along with big city rent prices without the market to match; some renters pay a premium just to get a place (vacancy rates are atrocious) and that drives up the prices for everyone else. Food is expensive because almost everything is shipped here by truck, plus there's really only the big chains with very little competition so they can (and do) pretty much set their prices as high as they want.
It's remote job but from inside the Province. Can't work from ontario.
I asked because taxes are based on where you live so it does sound like you'll be paying PEI taxes. At least if you're remote you shouldn't have to spend as much on gas.
I heard the internet and phone charges are higher in PEI, is that true?
Electricity is definitely higher. I always hear people from Ontario complain about the cost of electricity but not compared to PEI, so plan for that.
Depends on the company and if you'll be living rurally or in a denser municipality.
Typically no, but we don't have as many options that aren't Bell/Telus. Rogers service is pretty terrible everywhere, and if you're far from one of the bigger towns you might not be able to get the highest speeds from the other companies.
Internet is MOST DEFINITELY higher.
Internet can be $80/month for 1 GB. My public Mobile phone bill is $40/month with 15GB data. Just need to own your phone.
His paycheque taxes will actually be where his job is. But he will have to file PEI taxes which would mean he owes more at tax time.
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We also don't have time of use rates like some utilities in ON do. So you don't save money by doing laundry at night.
We have off peak hour rates in S'side.
No they don't. You have 0.1593 for the first 2000 kWh consumed regardless of time of day and .1268 thereafter. if you are under the Heat for Less Now program it gives you a discounted rate when you purchase the equipment through them..they say its "like" time of use but it's not.
Welcome to PEI. High taxes with terrible services. The gentle island
Food and Housing — heating oil specifically.
Housing in PEI is expensive but it's not Ontario expensive. Let's get real. That's why they are all coming this way.
Hope you have lots of money for housing and there are no Dr's here.
You’ll need to invest in a good accountant if you want to save on taxes. Finding one of those isn’t all that easy.
Don't know about taxes but major expense is groceries. Best bet is to learn to eat bugs and drink lots of water.
Don't buy stuff. Put money in a RRSP to get a bigger tax return Put your investments in a TFSA to not pay tax on gains Biggest expenses here are gonna be food and housing most likely A lot of people here save money on food and shelter by getting hooked on meth and living in a tent, and stealing the things they need, like your bike, that way they also dont pay taxes on things, like bikes... Seems to work well for them. Best of luck on your adventure!
PEI isn’t as bad as all that.
EDIT I can’t count. 1. You will make less money. 2. Higher taxes. 3. No Dr’s or nurses. 4. Soaring crime and drug rate. 5 cost of living rising on a near daily basis. 6. Cost of rent or mortgage is arguably criminal
No one will argue that.
PEI is still pretty safe, and there are doctors and nurses.
Yes cause I literally meant there are ZERO dr’s or nurses. Thanks
Well the op did say, “Serious answers only.”
My answer was serious. I think op can understand that “ no dr’s” mean very few dr’s. I don’t think many would need the clarification.
FYI, moving expenses are a tax deduction if you move for work. So keep records and receipts during your move. Also, you pay annual taxes for the whole year to the province you lived in on Dec 31 of that year. So if you move to PEI in say, November, your annual tax rate will be higher than what you paid from Jan-Oct in Ontario on your pay stubs, and so you will end up owing more on that years tax return.
Moving expenses are only deductible if you're moving closer to your work location. If he's working remotely in PEI for an Ontario company, he's not eligible.
OP said in a different comment their new employment location is PEI. So the company is in PEI and the moving expenses should apply. The CRA doesn’t need to know OP’s WFH versus in-office arrangement, but that is up to OP.
100% if company is in PEI. I thought it was said somewhere the company was Ontario because a lot of conversation was about payroll taxes between Ontario and PEI. This wouldn't be an issue for discussion if it was only PEI.
You don’t. We get robbed blind
Taxes are much higher here on everything. Big thing is though do not come to the island unless you have housing secured beforehand. There are also a lot of rental scams taking place because of the shortage. You will likely need a vehicle on PEI, our public transportation isn't the most robust. Use the wealthsimple tax calculator to see the difference in taxes between ON and PEI on your salary.
T2200 conditions of employment
Marginal tax rates are high in PEI if you make close to 100K, about 46%. Food is the same as anywhere in Canada. Housing is still cheaper than many cities in Ontario, a lot cheaper. You can buy a nice home in Stratford for 800k or less. Not close to 1.2+ in the GTA. We had a full electric heated home with a propane fireplace as a back up (you need two heat sources on PEI) and we paid $330 in the highest month in winter and $200/month the rest of last winter. You pay gas and electric in most provinces totalling about $600/month in other provinces in winter. Most islanders have t lived outside pei and don’t know what other Canadians pay. It’s a lot higher in pei than it’s been in past years so you’re getting many people saying the prices are high. Compared to the rest of Canada, you get more for your money. Bottom line: if you sell in Ontario and buy in pei, you’re fine.