The 2011-2012 Saskatchewan budget, which Finance Minister Ken Krawetz delivered on March 23, 2011, contained the following item of interest to payroll professionals:
Non-refundable tax credits increasing
The budget proposes to increase the basic and spousal exemption amounts claimed on a Saskatchewan TD1 form by $1,000, effective Jan. 1, 2011. This would raise the exemptions to $14,535 for 2011.
The budget also proposes to increase the exemption amount for dependent children claimed on the Saskatchewan TD1 by $500 for each dependent child, effective Jan. 1, 2011. This would bring the Child Amount to $5,514 per child for 2011.
It is expected that the Canada Revenue Agency will revise the TD1SK, Personal Tax Credits Return, to incorporate the proposals.
© Copyright Canadian HR Reporter, HAB Press. All rights reserved.