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The Saskatchewan government wants people to know about a few measures regarding taxes that will take effect in 2021.
The first is indexing tax brackets to prevent what is called “bracket creep,” which is when income rises due to inflation but doesn’t come with increased purchasing power.
The government says brackets will be indexed at one per cent, saving taxpayers about $15 million.
“Indexation protects Saskatchewan taxpayers from bracket creep, and helps keep the tax system fair, competitive and affordable,” Finance Minister Donna Harpauer said in a news release.
Families with children enrolled in sports, arts and cultural programs this year will be able to claim the Active Families benefit on their 2021 taxes.
The benefit provides a non-refundable credit of $150 per year for eligible families. Those with children with a disability get an additional $50.
As well, home renovation expenses incurred between October 2020 and December 2021 can be claimed through the Home Renovation Tax Credit.
The credit can save homeowners up to $1,155 by claiming 10.5 per cent on up to $11,000 of expenses. Next year, another $945 can be saved on expenses incurred between January 2022 and December 2022.
