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Saskatchewan 2008 Budget

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Saskatchewan -> 2008 Budget

Saskatchewan 2008 Budget - March 19, 2008

Tax Changes:

bulletno changes to personal income tax brackets or rates
bulleteffective November 8, 2007, PST exemption for eligible used light vehicles
bulletNew 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.
bulletNew 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.
bulletincreased disability-related tax credits effective January 1, 2008:
bulletcaregiver tax credit amount increased from $4,095 to $8,190
bulletinfirm 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.
bulletdisability tax credit amount increased from $7,021 to $8,190.  This amount is transferable to a supporting relative
bulletsupplement 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.
bulletSee the tables of non-refundable tax credits for threshold amounts relating to these tax credits.
bulletBusiness tax reductions effective July 1, 2008:
bulletgeneral corporate income tax rate reduced from 13% to 12%
bulletincome threshold for the current 4.5% small business corporate tax rate will be increased from $450,000 to $500,000
bulletgeneral corporation capital tax eliminated for all corporations except provincial crown corporations and financial institutions
bulletcorporation capital tax resource surcharge rates will be reduced
bulletfrom 3.1% to 3% for the general rate, and
bulletfrom 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 Québec:
bulletnew Tax-Free Savings Accounts (TFSA)
bulletchanges to RESPs
bulletreduction of gross-up amount for dividends eligible for the enhanced dividend tax credit (see above).
bulletincrease in maximum Northern Residents deduction beginning in 2008
bulletcapital cost allowance changes
bulletexpansion of list of expenses eligible for medical expense tax credit, effective 2008

Revised: September 19, 2017

 

 

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