Search this Site

Generic selectors
Exact matches only
Search in title
Search in content

Post Categories

SMALL BUSINESS THRESHOLD HIGHER, PERSONAL TAXES LOWER IN 2018

SMALL BUSINESS THRESHOLD HIGHER, PERSONAL TAXES LOWER IN 2018 Business Economic Development Government SouthWest Saskatchewan  Small Business Saskatchewan Government of Saskatchewan

Saskatchewan’s small business owners can look forward to the new year knowing they will have the highest income threshold in Canada. Individual Saskatchewan taxpayers will benefit from a full year of the lower Personal Income Tax rates introduced last July, for a savings of more than $120 million in 2018.

The provincial small business income threshold—the amount of income up to which small businesses pay tax at the much lower two per-cent small business tax rate—goes up from $500,000 to $600,000 effective January 1.

“A higher income threshold provides small businesses with an incentive to hire more workers and invest new capital right here in Saskatchewan, supporting our government’s growth agenda,” Finance Minister Donna Harpauer said. “Meanwhile, Saskatchewan’s 12 per cent corporate income tax rate continues to be competitive and among the lowest in the country, further enhancing our province’s significant advantages when attracting new investment and jobs.”

Also in 2018, Saskatchewan residents will benefit for an entire calendar year from lower provincial Personal Income Tax rates, which dropped half a percentage point effective July 1, 2017.

“Lower personal taxes help to create jobs and attract people to our province by improving Saskatchewan’s tax competitiveness,” Harpauer said.

Saskatchewan Personal Income Tax rates will drop by another half point on July 1, 2019. These rate reductions will save a single Saskatchewan taxpayer, with no dependents and an annual income of $50,000, about $77 per year in each of 2018, 2019 and 2020.

As a result of these tax reductions, individual’s 2020 Saskatchewan Personal Income Tax will be $308 lower than his or her 2016 Saskatchewan Personal Income Tax. Similarly, a married couple with two children and an annual family income of $100,000, will save about $117 per year in each of 2018, 2019 and 2020.

This family’s 2020 Saskatchewan Personal Income Tax will be $468 lower than their 2016 Saskatchewan Personal Income Tax as a result of these tax reductions.

Source: http://www.saskatchewan.ca/government/news-and-media/2017/december/28/business-and-personal-taxes

SMALL BUSINESS THRESHOLD HIGHER, PERSONAL TAXES LOWER IN 2018 Business Economic Development Government SouthWest Saskatchewan  Small Business Saskatchewan Government of Saskatchewan

Leave a Reply

COMMUNITY CALENDAR

  • Town Council October 27, 2021 at 7:00 PM – 8:30 PM Town Office, Proton Ave, Gull Lake, SK S0N 1A0, Canada
  • TOPS (Take Off Pounds Sensibly) October 27, 2021 at 7:00 PM – 9:00 PM Senior Citizens Hall, 3376 Rutland, Gull Lake, SK, Canada
  • AA October 27, 2021 at 8:00 PM – 9:00 PM Legion Hall
  • Gull Lake Legion Meeting November 2, 2021 at 8:00 PM – 9:00 PM Legion Hall, Main St, Gull Lake, SK, Canada New members are always welcome!!!
  • TOPS (Take Off Pounds Sensibly) November 3, 2021 at 7:00 PM – 9:00 PM Senior Citizens Hall, 3376 Rutland, Gull Lake, SK, Canada

OPEN FIRE BURN BAN TOWN OF GULL LAKE

Effective immediately, no fireworks or open fires, including fire pits, fire rings, chimineas, and the like are allowed until further notice.