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no changes to personal income tax brackets or rates
effective November 8, 2007, PST exemption for
eligible used light vehicles
New Graduate Retention Program
(GRP) is a refundable income tax credit to rebate up to $20,000 of
tuition fees paid by eligible graduates of Saskatchewan post-secondary
institutions. Replaces Graduate Tax Exemption, effective January
1, 2008.
New Active Saskatchewan Families Benefit is
a refundable income tax credit to annually rebate up to $150 per child
for cultural, recreational and sports activity fees for children aged
6 to 14, beginning with the 2009 tax year.
increased disability-related tax credits effective
January 1, 2008:
infirm dependent tax credit amount increased
from $4,095 to $8,190. This can be claimed by an individual
who supports an adult infirm dependent relative.
disability tax credit amount increased from
$7,021 to $8,190. This amount is transferable to a
supporting relative
supplement to the disability tax credit amount,
that can be claimed by eligible individuals who are under the age
of 18, is increased from $4,095 to $8,190.
general corporate income tax rate reduced from
13% to 12%
income threshold for the current 4.5% small
business corporate tax rate will be increased from $450,000 to
$500,000
general corporation capital tax eliminated for
all corporations except provincial crown corporations and
financial institutions
corporation capital tax resource surcharge
rates will be reduced
from 3.1% to 3% for the general rate, and
from 1.75% to 1.7% for the special rate for
fourth tier oil and gas
Federal tax changes
Federal budget 2008 income tax measures affecting taxable
income and certain tax credits that automatically affect provincial
taxes in all provinces and territories
except Quebec:
new Tax-Free Savings Accounts (TFSA)
changes to RESPs
reduction of gross-up amount for dividends eligible for the
enhanced dividend tax credit (see above).
increase in maximum Northern Residents deduction beginning in
2008
capital cost allowance changes
expansion of list of expenses eligible for medical expense tax
credit, effective 2008
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