Next year’s level of indexation will be 1.4 per cent, which will save Saskatchewan taxpayers approximately $9.0 million.
In 2017 the entire sum of tax credits and every income tax bracket in the province will be indexed.
Indexation lowers taxes in Saskatchewan, and the following is a list of methods the province has implemented to decrease taxpayers income taxes:
- The First-Time Homebuyers' Tax Credit
- The refundable Low-Income Tax Credit
- Higher spousal, personal, and child exemption amounts
These tax reduction programs have been established in Saskatchewan in the last decade.
As a result of these new tax reduction methods, families of four who earn $50,000 joint income will have nearly $2,700 less provincial taxes. Almost $2,500 will be saved by families of four who have an income of $75,000. In 2017, provincial tax is predicted to be over $900 less for single taxpayers earning $25,000 a year.
Saskatchewan has the highest combined provincial income tax-free annual wage for a family of four in Canada, which is $50,495.
Single taxpayers first $19,490 of income is provincial income tax-free.