If your trying to keep all your paper-work in order for tax time, here is something else to consider. As of January.1st, the province’s tax brackets and non-refundable amounts for personal income tax will be indexed by two per cent. That means there are several scenario’s which can save you money including a one-earner family earning $25,000 per year will pay no provincial income tax, and will save $219 next year or 100 per cent of the tax paid in 2008.
The Province says the four year plan for lower taxes will deliver $380 million dollars in savings over that time. For a complete look at what savings are available next year, they are posted on our website at country94.ca just click news.
For the 2010 taxation year:
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a single earner with taxable income of $15,000 per year will not pay provincial personal income taxes in 2010, a 100 per cent saving of the tax paid in 2008;
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a single earner with taxable income of $25,000 per year will save $376 in 2010, compared to 2008:
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a one-earner family earning $25,000 per year will pay no provincial income tax, and will save $219 in 2010, or 100 per cent of the tax paid in 2008.
