It's not generally a pleasant topic for most but another tax season is nearing and hopefully, if provincial government changes help as they say they will, it won't be overly painful.
According to the province, Saskatchewan residents will save an estimated $6.5 million in 2014 with the continued indexation of the provincial income tax system.
By the end of 2014, a family of four with $50,000 income will have saved about $15,000 through government's various tax reductions says Finance Minister Ken Krawetz.
Since 2008, he adds, about 114,000 low-income Saskatchewan residents have been removed from the tax rolls and overall, Saskatchewan residents have saved more than $300 million through lower personal income taxes.
"When income tax savings are combined with new tax reduction programs introduced since 2007, that include the refundable Low Income Tax Credit and the Active Families Benefit, a single person with $25,000 annual income will benefit from $856 in lower provincial tax in 2014 than in 2007. A family of four with $50,000 combined income will see tax savings of $2,775 and a family of four with $75,000 combined income will see tax savings of $2,542, when comparing 2014 to 2007."
We may not be exactly where we need or want to be when it comes to taxes but real savings for Saskatchewan residents is a step in the right direction and an added incentive to call this province home.
We work hard for our money so to bring home a little more at the end of the day, while maintaining growth, will mean a lot.
