Government of Saskatchewan introduces affordability act with personal income tax measures
CTV
The Government of Saskatchewan has introduced promised legislation to lower personal income tax in the province.
The Government of Saskatchewan has introduced promised legislation to lower personal income tax in the province.
Touted as the Saskatchewan Party’s response to cost-of-living concerns – the Saskatchewan Affordability Act will implement 13 affordability commitments that the party outlined during the recent election campaign.
“We want to get this done as quickly as we can,” Minister of Finance Jim Reiter told reporters after Question Period Monday. “Obviously, that was a big campaign commitment for us and people want affordability, and we'd like to deliver on that.”
The act will introduce the “largest personal income tax reduction in the province since 2008.”
The party claims the act will save the average family of four earning $100,000 more than $3,400 over the next four years. Two seniors with a combined income of $75,000 will save $3,100 over the same period.
The party says upon full implementation, over 54,000 residents will no longer be paying provincial income tax.
The act will also see the Saskatchewan low-income tax credit increase by five per cent annually for the next four years in addition to annual indexation adjustments – said to benefit 300,000 across the province.
