Advertisement

Millions will be saved in personal taxes in 2014: Saskatchewan government

Saskatchewan government says indexing income tax to national inflation rate will save millions in 2014 for taxpayers. File / Global News

REGINA – The Saskatchewan government says people in the province will save millions in provincial income tax in 2014.

Officials say overall, people will save an estimated $6.5 million due to indexing of the provincial income tax system, which will see all amounts increase 0.9 per cent, the national inflation rate.

Saskatchewan’s inflation rate in November was 1.4 per cent.

Financial news and insights delivered to your email every Saturday.

“Indexing all income tax brackets and tax credit amounts each year to the rate of inflation protects Saskatchewan taxpayers from ‘bracket creep’,” said Finance Minister Ken Krawetz.

“Continuing to index the income tax system helps (keep taxes competitive) and again demonstrates our government’s commitment to keeping the taxes of Saskatchewan people as low as possible.”

Saskatchewan will also have the highest tax-free income level for a family of four. Provincial income tax will not be paid on the first $48,320 of earnings. For an individual, there is no provincial tax payable on the first $18,650 of income.

Story continues below advertisement

Since 2008, finance officials say 114,000 low-income people have been removed from the tax rolls and overall, Saskatchewan residents have saved more than $300 million through lower personal taxes.

Sponsored content

AdChoices