By Samantha Maciag

Saskatchewan in a better position than most for federal payroll tax hike

Dec 29, 2010 | 5:46 AM

You'll be seeing a little less or your hard earned income in the new year, all thanks to the federal government increasing the payroll thresholds for Employment Insurance and Canadian Pension Plan premiums.

For example, starting Jan. 1, someone making $42,000 a year will see their taxes increase by $75 dollars, their employers contribution will grow by about $110.

“If we're talking about if these tax increases are reasonable or not, because the government might need more money, we should ask ourselves if we're getting value for the money they're already taking,” said Derek Fildebrand with the Canadian Taypayers Federation.

On Tuesday, the CTF released its annual New Year tax change calculations. Provinces like Ontario and B.C. will feel the financial burn the most, but Fildebrand says Saskatchewan's government has been more “prudent” with its finances and that can help lessen the blow for people who live here.

“Because Saskatchewan has a more sound fiscal footing than other province, Saskatchewan can actually look at seriously cutting its personal income tax,” he said.

Community support

The Hunger Games return to Prince Albert

1h ago

Raiders win 5-3

Defensive scoring leads Raiders over Wheat Kings

8h ago

GST Holiday

Federal government's two-month GST holiday begins

Dec 14, 2024

He says this would continue to attract more people to Saskatchewan, showing it as a good place to live, work and raise a family.

To see the numbers put together by the Canadian Taxpayers Federation, click here.

news@panow.com