The 2024-25 Budget continues to make Saskatchewan the most affordable province to live for a family of four, when taxes, housing and utilities are combined. Each year, the budgets contain over $2 billion in affordability for Saskatchewan families.
Budget highlights include:
Lowering costs for families
- $3.9 million for the Active Families Benefit to reduce the cost of children’s sports and cultural activities.
- $408.7 million for early years and childcare to support more child care spaces and $10/day child care fees for children under age six – saving families $395 to $573 per month per full-time child.
- Supporting the addition of 2,300 new licensed child care spaces that were announced in 2023.
- $4-million increase to continue to meet the needs of children and their families through the Autism Spectrum Disorder Individualized Funding Program
- Children’s Drug Plan that caps drug costs at $25 per prescription for children under 14.
Lowering taxes for families
- No new taxes and no tax increases.
- $400 in annual savings on average for homeowners by removing the carbon tax from home heating.
- $70.5 million in tax savings through indexation of personal income taxes.
- Saskatchewan continues to have among the lowest personal taxes in Canada.
- A Saskatchewan family of four now pays no provincial tax on their first $59,475 of income – the highest tax-free threshold in Canada.
- By comparison in 2007, a family of four began paying taxes when their income reached $26,150.
- Savings each year for families from income tax reductions and benefits of indexation compared to 2007:
- A family of four with an income of $50,000 saves $3,103 annually;
- A family of four with an income of $75,000 saves $3,492 annually; and
- Individuals with an income of $25,000 save $1,387 annually.
- Tax reductions since 2007 have resulted in 112,000 low-income Saskatchewan residents no longer paying provincial income tax.
- A family with two adults, two dependent children, owning their own home with annual family income of $75,000, $100,000 and $125,000 have the lowest totals paid for taxes, utilities and housing in Canada.
Making home ownership more affordable
- The Saskatchewan Secondary Suite Incentive Grant Program generates supplementary income for homeowners, while increasing rental availability in the province.
- The PST Rebate for New Home Construction provides a rebate up to 42 per cent of the provincial sales tax paid on the purchase of the home.
- The Saskatchewan First-Time Homebuyers’ Tax Credit provides a non-refundable income tax credit of up to $1,050 to eligible taxpayers on qualified homes.