You’re going to be saving some money on your income taxes in 2017.
The province is indexing taxes 1.4 per cent, matching the national inflation rate. It estimates taxpayers will save $9 million.
“Indexation helps keep taxes in Saskatchewan low by protecting Saskatchewan people from ‘bracket creep’,” Finance Minister Kevin Doherty said in a news release.
That means individual taxpayers won’t pay any Saskatchewan income tax on their first $19,490 of income. A family of four won’t pay any Saskatchewan income tax on their first $50,495 of income, the “highest tax-free income threshold for a family of four in Canada” according to the province.
“Our government’s various reductions to personal income taxes since 2008 will save Saskatchewan more than $490 million in 2017,” Doherty said.
“Over the period of 2008-17, these personal income tax reductions will have provided a Saskatchewan family of four earning $50,000 income with total income savings amounting to more than $23,000.”
The province said income tax savings and new tax reduction programs will save a single person who makes $25,000 around $941 in 2017. A family of four with the household income of $50,000 will save $2,694 in tax savings; a family of four with the household income of $75,000 will see tax savings of $2,484.