REGINA – As expected and as promised, the Sask Party government has introduced The Saskatchewan Affordability Act in the Legislative Assembly.
The legislation is designed to fulfil the government’s campaign commitments from the provincial election campaign.
Included in the legislation, according to the province’s news release, is what the government touts as the largest personal income tax reduction in the province since 2008.
The legislation will raise the personal exemption, spousal exemption, child exemptions and the seniors supplement by $500 a year for the next four years. The legislation also pledges to annually index income tax brackets and basic tax credits to offset the impacts of inflation.
Also included in the legislation is the following:
An increase to the Saskatchewan Low-Income Tax Credit by five per cent annually for each of the next four years, in addition to indexation adjustments;
The Saskatchewan First-Time Homebuyers Credit maximum benefit going up by 50 per cent;
The inclusion of the Home Renovation Tax Credit;
Maintaining the small business tax rate at one per cent;
Increases to the Disability Tax Credit and the Disability Tax Credit supplement for children under 18 by 25 per cent, in addition to indexation;
The Caregiver Tax Credit also increasing by 25 per cent, in addition to indexation, doubling the Active Families Benefit;
And raising the Graduate Retention Program’s tax credit benefits will increase by 20 per cent.
“During the recent election campaign, we heard concerns from Saskatchewan citizens about the cost-of-living pressures they are facing today,” Deputy Premier and Finance Minister Jim Reiter said in a news release Monday.
“We know these issues are not unique to our province, but we are taking action to make life more affordable for all Saskatchewan residents and families, while ensuring we still maintain a strong economy.”
The government had long signalled it planned to live up to their campaign pledges on affordability. The Saskatchewan Affordability Act was mentioned specifically during the Speech from the Throne as the first bill the government would introduce in the new session. The government had also signalled they want to pass the affordability legislation right away.
The opposition New Democrats have made known their displeasure with the government’s affordability measures by saying those do not provide immediate relief to the families that need it.