2007 Saskatchewan Budget Impact Paper

The 2007 Saskatchewan budget that was presented by the Honourable Andrew Thomson, Minister of Finance for the province of Saskatchewan, on March 22, 2007, was reviewed and contained no new income tax measures affecting federal public service pay or pension payments. However, there are some personal tax measures that employees may find informative from a personal perspective.

ITEMS OF INTEREST

Graduate Tax Exemption

Saskatchewan introduced a five-year $10,000 Graduate Tax Exemption beginning with the 2007 taxation year for recent graduates of an accredited post-secondary program. When combined with existing tax exemption amounts, new graduates will not pay provincial income tax on the first $20,000 of earned income for each of the five years following graduation.

Impact: This exemption will be incorporated into the 2007 income tax return.

To review the 2007 Saskatchewan budget documents, please visit this site:

http://www.gov.sk.ca/budget0708