Annual Indexation in Saskatchewan

Written by Tara Garcia on Friday, 02 January 2015

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Tax payers in Saskatchewan will save a bit more money in 2015 thanks to the annual indexation.

This savings is due to the fact that everyone’s personal tax exemption has been increased.

Saskatchewan Finance Minister Ken Krawetz says tax payers will save a significant amount in 2015.

“There will be over $10.6 million dollars that Saskatchewan tax payers will keep in their pockets for the year 2015 when they file their income tax or even when they begin their deductions. Everyone’s personal exemption will have increased, it will have increased by 1.7 % and that is the consumer price index of the nation.”

What will these savings mean for the province? Krawetz says they are focused on reducing taxes and providing equal opportunities.

“Our governments goal has always been to reduce taxes and to ensure that people are given opportunities to live and work in this province competitivly with others. What will it mean for the government of Saskatchewan is we will have $10.6 million dollars less revenue from income tax based on the same results as the previous year.”

The personal tax exemption increase matches the national rate of inflation. The annual indexation will now see Saskatchewan with the highest tax-free income threshold for a family of four in Canada.

via Local News

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