The Saskatchewan Ministry of Finance has announced that they will be indexing all tax brackets and tax credit amounts for 2017, saying this will save taxpayers an estimated $9 million dollars. The level of indexation is 1.4%, which the government says matches the national inflation rate.
Finance Minister Kevin Doherty says the move is about keeping an even playing field. "Our government is committed to keeping Saskatchewan's tax system fair and competitive. Yearly indexation is one of the measures aimed at accomplishing that".
Currently, individual taxpayers in this province pay no provincial income tax on their first $19,490 of income. A family of four does not pay provincial tax on their first $50,495 of income.
The current government claims these tax savings are part of a trend that has grown over the last number of years. A finance department news release states a family of four with a taxation of $50,000 annual income, and deducting $3,000 in child care expenses, has seen their provincial income tax cut by 100% since 2008 - from about $2,300 to zero provincial income tax in 2017.