Taxes and Affordability
In Saskatchewan, personal and business taxes continue to be among lowest in the country giving the province a significant advantage in attracting new business investment, creating jobs and keep life affordable.
The 2020-21 Budget re-introduces full indexation of the Personal Income Tax system, beginning with the 2021 tax year, to help make life more affordable for Saskatchewan families. Indexation protects taxpayers from bracket creep, or automatic increases in tax caused by inflation.
Saskatchewan families are paying less personal income tax now than a decade ago. The Saskatchewan Party government reduced the personal income tax rate by a half-point, providing approximately $126.3 Million in income tax savings for residents in 2020.
Lower taxes means more money in the pockets of Saskatchewan families. Since 2007, basic and spousal exemption amounts have nearly doubled and child exemption amounts have more than doubled.
A family of four in Saskatchewan now pays no provincial income tax on their first $51,675 of income - one of the highest tax-free threshold in Canada. Total provincial taxes for a family of four earning $50,000 are now $2,351 per year less than in 2007
A family of four making $75,000 in Saskatchewan pays $1,712 LESS in provincial taxes in 2020 than they did in 2007. The Saskatchewan Party government's reduction in personal income tax has:
- removed almost 112,000 Saskatchewan residents from provincial income tax roll entirely.
- provided more than $614.3 Million in annual income tax savings to Saskatchewan residents.
- provided almost $6.187 Billion since 2007 in personal income tax savings for Saskatchewan residents.
The Saskatchewan Party remains firm in its commitment to keep taxes low and make life affordable for Saskatchewan families.