Saskatchewan residents may have an abundance of purchasing power in the new year, in large part to indexation.
The provincial government’s ministry of finance is predicting, and add taxpayers will save nine million dollars through indexation, which sits a one-point-four percent, matching the national inflation rate.
As an example when income tax saving and new tax reduction programs are combined in 2017, an individual with an annual income of twenty-five thousand dollars will save nine-hundred forty-one dollars in provincial income tax.
Since 2008, the government has made an effort to reduce personal income taxes in Saskatchewan.
Examples include increasing personal, spousal and child exemption amounts, introduced a new low income tax credit, along with a first-time home buyers’ tax credit.