Local News

Area Residents in Both Saskatchewan and Manitoba Are Seeing New Tax Savings.

All Saskatchewan income tax brackets and tax credit amounts will once again be indexed this year.  It will save the province’s tax payers an estimated 15 million dollars.  The level of indexation in 2021 will be 1.0 percent matching the national rate of inflation.  Saskatchewan families with children enrolled in sports, arts and culture activities will be able to claim the Active Families Benefit once again on their 2021 taxes.  It will provide a non-refundable tax credit of 150 dollars per year to eligible families. Families who are planning to renovate their homes may also be able to claim the recently announced Saskatchewan Home Renovation Tax credit on eligible expenses incurred between October 1st, 2020 and December 31st 2021.

             

Manitobans will also see a number of tax savings. Personal income tax brackets and the basic personal amount will increase by 2.2 percent for the 2021 taxation year as they are indexed to the Manitoba Consumer Price Index.  As a result an estimated 33 hundred taxpayers are expected to be removed from tax rolls.  Manitoba will also begin phasing out the Education Property Tax this year and eligible seniors who have not received their 200 dollar Seniors Economic Recovery Credit in 2020 are able to claim it when filing their 2020 personal income tax return this year.

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