Saskatchewan Party Will Deliver Largest Income Tax Reduction Since 2008
October 01, 2024Family of four will save $3400 and senior couple will save $3100 over four years
Premier Scott Moe today announced that a re-elected Saskatchewan Party government will make life more affordable for everyone in Saskatchewan by reducing personal income tax and raising the Low Income Tax Credit.
“Saskatchewan is one of the most affordable places in Canada to live,” Moe said. “Still, Saskatchewan people are facing cost of living pressures just like everyone else in Canada. A Saskatchewan Party government will make life more affordable by reducing your income tax and making sure you keep more of the money you work hard to earn.”
The Saskatchewan Party plan will reduce income tax by raising the personal income tax exemption, the spousal exemption, the child exemption and the seniors supplement by $500 each year for the next four years.
“That will save a family of four $2100 over four years,” Moe said. “It will also save a senior couple $2100 over four years. When combined with our government’s indexation of personal tax rates, a family of four will save more than $3400 and a senior couple will save more than $3100 over the next four years.”
Moe said this will be the biggest reduction in personal income taxes since 2008, shortly after the Saskatchewan Party government was first elected.
“The Saskatchewan Party government has a strong record of reducing taxes from the crushing levels they were at under the NDP. Under the NDP, a family of four in Saskatchewan began paying income tax when their combined income reached $26,150 a year. When this plan is fully implemented, that same family won’t pay a dollar of income tax until their combined income reaches $72,425 – the highest tax-free threshold in Canada.”
When fully implemented, 54,000 people will no longer be paying any provincial income tax and Saskatchewan will have the highest level of tax-free income in Canada for seniors and for families with dependent children.
A re-elected Saskatchewan Party government will also put more money back in the pockets of low to moderate income individuals and families by increasing the Saskatchewan Low Income Tax Credit 20 per cent over the next four years. The Low Income Tax Credit is a quarterly payment that primarily benefits people who are not earning enough to pay income tax. It is delivered each quarter by the Canada Revenue Agency together with the GST credit.
“Making life more affordable for Saskatchewan people – it’s part of our plan to keep our economy strong and our future bright.”