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PROVINCE PROTECTS SASKATCHEWAN TAXPAYERS FROM INFLATION

Released on December 29, 2009

Government Fully Indexes Personal Income Tax to National Inflation Rate

 Saskatchewan taxpayers will see more tax savings in 2010 as personal income tax brackets and personal tax credits are once again indexed to the national rate of inflation.

Income tax brackets and personal tax credit amounts for 2010 will increase by 0.6 per cent which translates to approximately $5 million in overall tax savings for Saskatchewan taxpayers. Indexation protects against "bracket creep" or the automatic increase in taxes caused by inflation and preserves the real value of personal income tax credits.

The 2010 indexing builds on the provincial government's $300 million income tax reduction introduced in 2008, which was the largest-ever single-year income tax cut for Saskatchewan people. The current indexation rate follows the 2.5 per cent indexation adjustment in 2009 that saved Saskatchewan taxpayers an estimated $22 million.

Finance Minister Rod Gantefoer said these tax reductions are saving Saskatchewan individuals and families thousands of dollars.

"A single person with $25,000 a year income will pay $592 less in income tax compared to 2007," Gantefoer said. "A family of four with $50,000 income will save a total of $1,969 in 2010, and a family of four with $75,000 income will save a total of $1,770.

"Saskatchewan's basic and spousal tax credit amounts have increased almost 50 per cent since 2007, while the child tax credit amount has increased by more than 75 per cent during that same period," Gantefoer said. "Total personal tax credits - the amount you can earn before you start paying income tax - are currently the highest in Canada for a family of four in Saskathewan."

The income tax brackets, basic and spousal credits, senior supplement, dependent child credit, age credit, disability-related credits, medical expense credit and the Saskatchewan Low-Income Tax Credit are all subject to indexation.

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For more information, contact:

Vanessa Beaupre
Finance
Regina
Phone: 306-787-8109
Email: vanessa.beaupre@gov.sk.ca

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