The Saskatchewan government is making significant efforts to ensure affordability for its residents in 2025. The Saskatchewan Affordability Act, along with ongoing annual indexation, aims to address inflation and ease the financial strain on the people of Saskatchewan.
The indexation for 2025 will be 2.7 percent, reflecting the national inflation rate from October 2023 to September 2024. Residents of Saskatchewan can anticipate annual tax savings of $40.5 million due to this indexation.
The Saskatchewan Affordability Act, recently approved in the Legislative Assembly, includes indexation and lowers personal income tax by raising the basic personal, spousal, and child exemptions, as well as the seniors' supplement, by $500 annually for four years, alongside annual indexation adjustments.
The Act offers substantial advantages to pensioners and individuals on fixed incomes by adjusting and raising the rate of the Saskatchewan Low-Income Tax Credit. Additionally, individuals with disabilities and their caregivers will gain from enhanced tax credits.
These efforts build upon the over $2 billion designated for affordability initiatives in each provincial budget. The Saskatchewan government is dedicated to enacting practical and effective financial changes to make life more affordable for its residents.
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Related Links:
Unlocking Saskatchewan’s Secret Plan: Could 2025 Be the Year of Financial Relief?
Sask. Affordability Act changes not expected until summer 2025
Provincial Indexation and the Saskatchewan Affordability Act Will Make Life More Affordable in 2025
Government of Saskatchewan Introduces More Affordability Measures
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