PEI’s Minister of Finance Darlene Compton presented the 2020-21 budget in the PEI legislature.
This budget includes major investments in health, education, and vulnerable Islanders.
As we all know, COVID-19 has greatly affected the way we live, work and raise our families and it has also affected how we spend our money.
Now is the time to support Islanders and this budget will see money invested into many of our platform promises from the 2019 Election.
Your PC Government is working hard to ensure they are responsive to the needs of Islanders.
The 2019-20 provincial budget and related information is available in the following documents:
Building stronger communities
Investments of $4.5 million for municipalities, and our communities focusing on community safety, social justice and well-being.
For full details, download the Communities fact sheet
Improving the health and well-being of Islanders
Investments of $13.9 million to the PEI health care system, along with a wellness tax credit, to ensure the continued health and safety of Islanders.
For full details, download the Health fact sheet
Investing in our students, shaping our future
Investments of $6.28 million for Island students, educators and resource supports to strengthen the PEI education system.
For full details, download the Investing in our Students fact sheet
Supporting our vulnerable populations
The real mark of PEI as a society is how we help and serve one another– $18.4 million to fund continued investments in housing and child care as well as supports for seniors, those living with disabilities and low-income Islanders.
For full details, download the Vulnerable Populations fact sheet
Strengthening our business and primary industries
Investments of $1.79 million and tax incentives to make the necessary investments and adjust the appropriate levers to help stimulate, grow and sustain our economy.
For more details, download the Business and Primary Industries fact sheet
Clean energy and sustaining our environment
Investments of $9.3 million toward the sustainable use of natural resources of PEI, reduction of greenhouse gas emissions, and development of new technologies to provide innovative solutions as the Island responds collectively to the challenges and opportunities of climate change.
For more details, download the Energy and Environment fact sheet
Paul Trainor of Atlantic & PEI Business Federation says, "Overall a very good start and placing investments where islanders need the most help - Students, Small business, Seniors and the sustaining our environment."
For information on PEI Business Federation and how this budget impacts the small business sector of PEI call 902 940 5927 or e mail email@example.com.
No need to panic over new mortgage rules
No one has a crystal ball to see what the next few months - or years - will bring, but it’s likely that some Canadians will have trouble with their debt in the wake of COVID. With that possibility in mind, the Canadian Mortgage and Housing Corporation (CMHC) recently announced that it is tightening the rules for Canadian homebuyers looking for insured mortgages. Homebuyers with less than 20% downpayment require mortgage default insurance: an important protection for Canadian lenders.
Summary of the new CMHC rules (effective July 1):
This is a great time to work with a mortgage broker! I work with dozens of lenders… and private mortgage insurers – Genworth Canada and Canada Guaranty - that are an alternative to CMHC. Neither have announced new underwriting guidelines, which means I expect to be guiding many new homebuyers through these alternate insurance channels.
Get in touch at anytime
Having trouble keeping up with all the changes lately? That’s why I’m here. My only focus is mortgages and I am always up to date on the changing mortgage marketplace. If you or someone you know is looking to buy, it’s important to get in touch early so we can put a solid plan in place. Or, if you have concerns about your current mortgage strategy, let’s talk, especially if you want to find out if you can renegotiate your mortgage to take advantage of today’s low rates, or refinance to consolidate troubling high-interest debt.
61 Capital Drive, Charlottetown
PEI Mortgage Services
902 940 5927
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