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Released on January 6, 2009
Personal Income Tax Fully Indexed To Inflation
Saskatchewan residents will realize a further $22 million in provincial tax savings in 2009 as personal income tax brackets and personal tax credits are indexed to the national rate of inflation.
"This will offset the cost of inflation, protecting the benefits of the important tax relief we announced in the fall," Finance Minister Rod Gantefoer said. "Today's announcement will build on that announcement, increasing total tax savings from a record-high $300 million annually to $322 million. This largest-ever single year tax cut just got even better."
This past fall, basic and spousal tax credit amounts were increased by $4,000 to $12,945, while the dependant child tax credit amount increased by $2,000 per child to $4,795 for 2008. As a direct result of indexation, these exemptions will further increase to $13,269 and $4,915 respectively for 2009.
All of this means a working family with two children can now earn up to $42,220 without paying any Saskatchewan income tax. Full indexation also means a single pensioner receiving $25,000 in annual pension income will pay $50 less in Saskatchewan income tax in 2009, compared to the previous year.
"Indexation protects us from what is called ‘bracket creep' - the automatic increases in taxes caused by inflation," Gantefoer said. "Indexation preserves the real value of personal income tax credits."
The income tax brackets, basic and spousal credits, senior supplement, dependent child credit, age credit, disability-related credits, medical expense credit and the new Saskatchewan Low-Income Tax Credit are all subject to indexation.
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