Letters to Provinces and Territories: Prince Edward Island 2023

The Honourable Jill Burridge, M.L.A.
Minister of Finance
Government of Prince Edward Island
Shaw Building South, Second Floor
95-105 Rochford Street
P.O. Box 2000
Charlottetown, PE   C1A 7N8

Dear Minister,

I am pleased to provide you with Prince Edward Island's transfer payment amounts for 2024-25 in accordance with the Federal-Provincial Fiscal Arrangements Act (the Act) and relevant regulations.

Total major transfers to Prince Edward Island for 2024-25 will round to $911 million.

The first estimates of your province's Canada Health Transfer and Canada Social Transfer payments for 2024-25 are $228 million and $74 million respectively. In accordance with the legislated formula under the Act and its regulations, your province qualifies for an Equalization payment of $610 million for 2024-25.

In 2024-25, the federal government will provide a total of $52.1 billion to provinces and territories under the Canada Health Transfer—an increase of 5.4% from 2023-24.

As you know, our governments reached an agreement in principle on health care transfers earlier this year, and our Health Ministers are making progress towards negotiating a first bilateral agreement.

Once finalized, these bilateral agreements will provide Prince Edward Island with $288 million over 10 years to address its unique health system needs, such as expanding access to services, supporting health care workers, reducing backlogs, increasing mental health and substance use support, improving licensing and credential recognition, and modernizing health systems.

To receive funding for 2023-24, Prince Edward Island must sign a bilateral agreement by March 31, 2024. I encourage you to work with your Health Minister to finalize an agreement before this date.

Enclosed for your information is a table presenting the 2024-25 major transfer amounts for each province and territory. The table will be provided to your officials and posted on the Department of Finance's website.

I look forward to our continued work together.

Yours sincerely,

The Honourable Chrystia Freeland, P.C., M.P.

Major Transfer Payments for 2024-25
($ millions)
Province or Territory Equalization Territorial Formula Financing Canada Health Transfer Canada Social Transfer Total
2024-25
NL 218 0 688 223 1,130
PEI 610 0 228 74 911
NS 3,284 0 1,379 448 5,111
NB 2,897 0 1,085 352 4,335
QC 13,316 0 11,455 3,719 28,490
ON 576 0 20,289 6,587 27,451
MB 4,352 0 1,889 613 6,854
SK 0 0 1,565 508 2,073
AB 0 0 6,164 2,001 8,165
BC 0 0 7,172 2,329 9,501
NU 0 2,109 52 17 2,178
NWT 0 1,699 57 19 1,775
YK 0 1,350 58 19 1,427
TOTAL 25,253 5,159 52,081 16,909 99,401

Totals may not add due to rounding.

Page details

Date modified: