You probably know Saskatchewan is well known for its wheat exports. But did you know it’s also where the first ATM machines were made and used in Canada?
Saskatchewan has a tax system similar to other Canadian provinces. Many of the provincial taxes and credits for residents of Saskatchewan complement similar credits at the federal level, but there are many unique credits for residents of Saskatchewan.
Saskatchewan’s Progressive Tax Rate Structure
As with most provinces, Saskatchewan uses a progressive tax structure with only three tax brackets. The brackets increase each year based on inflation. Visit the Government of Saskatchewan’s Income Tax Rates page for this year’s tax bracket rates.
Saskatchewan’s Tax Brackets for Tax Year 2020
Taxable Annual Income
|10.5%||on the first $45,225||$45,225|
|12.5%||on the next $83,989||over $45,225 up to $129,214|
|14.5%||on the portion over $129,214||over $129,214|
- A complete list of Non-Refundable Tax Credits and other credits or deductions for Saskatchewan residents can be found in this CRA link: Saskatchewan Tax and Credits.
- Saskatchewan Low-Income Tax Credit (SLITC): The SLITC is a fully refundable, non-taxable benefit paid to Saskatchewan residents with low and modest incomes. To be eligible for benefits, you must file an income tax return as a resident of Saskatchewan and meet income and family criteria. The Credit provides quarterly payments to eligible residents and is issued by the federal government with the GST/HST Credit. Learn more on how to claim this credit on your taxes in this CRA link.
- Saskatchewan Volunteer Firefighters and First Responders Amounts: These new tax credits come into effect with the 2020 taxation year. Individuals who perform at least 200 hours of certified, eligible volunteer services in a year will be able to claim a $3,000 tax credit amount. Learn more on how to claim this credit on your taxes in this CRA link.
There is an allowable amount of income that you can earn before you must start paying taxes. That is called the “basic personal” or “personal amount.” For the 2020 tax year, the Federal Basic Personal Amount (BPA) is $13,229, while the Saskatchewan Basic Personal Amount is $16,065.
This TurboTax article provides more information on the federal tax rates, as well as links to other provinces and tax calculators: An Overview of Canada’s Tax Brackets.
Affordable, Professional Tax Help
TurboTax is the software of choice for personal taxes, small businesses, and entrepreneurs. It’s the fast, easy, affordable, accurate way to do your taxes. Answer a few simple questions on our product recommender and we can help guide you to the right edition that will reflect your individual circumstances.
You can always start your return in TurboTax Free, and if you feel the need for additional assistance, you can upgrade to any of our paid editions or get Live help from an expert with our Assist & Review or Full Service*. But don’t worry, while using the online version of the software when you choose to upgrade, your information is instantly carried over so you can pick up right where you left off.
*TurboTax Live™ Full Service is not available in Quebec.