2023 Saskatchewan Income Tax Calculator
Plug in a few numbers and we’ll give you visibility into your tax bracket, marginal tax rate, average tax rate, and payroll tax deductions, along with an estimate of your tax refunds and taxes owed in 2023.
File your tax return today
Your maximum refund is guaranteed.
Saskatchewan Provincial and Federal tax brackets
Your taxable income places you in the following tax brackets.
| Canadian federal tax bracket | Canadian federal tax rate |
|---|---|
| $53,359 or less | 15.00% |
| $53,359 - $106,717 | 20.50% |
| $106,717 - $165,430 | 26.00% |
| $165,430 - $235,675 | 29.00% |
| More than $235,675 | 33.00% |
| Saskatchewan tax bracket | Saskatchewan tax rate |
|---|---|
| first $49,720 | 10.50% |
| over $49,720 up to $142,058 | 12.50% |
| over $142,058 | 14.50% |
You can also use a Saskatchewan income tax calculator to calculate your total taxable income, net income, and tax liability. So, if you live in Saskatoon, the following guide for calculating Saskatchewan income tax can help you determine Saskatoon taxes.
Determine taxable income by deducting any pre-tax contributions to benefits Your taxable income is the total income on which you pay taxes. To find out your taxable income, you need to calculate your yearly income using your gross monthly wages. Your gross monthly wages include overtime salary, tips, allowances, commissions, and bonuses along with your basic salary. Once you have calculated your total income, deduct pre-tax contributions from your total income. For example, contributions to the Registered Retirement Savings Plan RRSP are tax-deductible.
Withhold all applicable taxes (federal and provincial) The taxes are withheld from gross salary of employees and paid to the CRA by the employers on the behalf of employees. Find out how much taxes are withheld from your paycheck to correctly report your income when you file tax returns. Your take-home salary is your net salary that the paycheck is written for.
Deduct any post-tax contributions to benefits Post-tax contributions refer to contributions to a savings or retirement account after tax is deducted from your income. For instance, contributions to Tax-free Savings Account TFSA are not deductible for income tax purposes, therefore, the contributions are made from your net income. In a TFSA, your investment grows tax-free so you won’t have to pay taxes on withdrawals.
Garnish wages, if necessary When money is withheld from your paycheck and paid to the government or a creditor, the process is called garnishing of wages or just garnishment. Garnished wages are a part of your income that are withheld by your employer that are remitted to the government or creditor. Garnished wages are not tax-deductible and are included in your tax return.
The result is net income After deducting pre-tax deductions, you arrive at your taxable income on which taxes are charged. After paying taxes, the result is your net income which is your take-home salary.
Saskatchewan employment income
Self-employment income
Self-employment income
Self-employment income is the income earned from a business, profession, commission sales, farming business, or fishing business. If you are self-employed, the federal and Saskatchewan income tax rates that apply to other workers also apply to you. If you are a self-employed business owner or earn income through commissions, use form T2125 to file taxes. For self-employed business, professional, commission, farming, and fishing income-related information you can check out the form T4002 on the CRA website.
RRSP deduction
RRSP deduction
RRSP deductions refers to the amount you put in a Registered Retirement Savings Account which can be deducted from your taxable income. Utilizing the RRSP deductions can reduce your income subject to taxes. Additionally, the income you earn in the RRSP is exempt from taxes as long as it remains in the RRSP. You have to pay taxes when you start receiving the payments after retirement or withdraw funds before retirement.
Capital gains
Capital gains
Capital gain refers to the income earned on selling an asset at a higher price than its purchase price because its value increased during the holding period. Capital gains are included in taxable income and are reported on tax return in the calendar year you sell the asset or considered to have sold it. Capital gains are to be reported even if you don’t have to pay taxes on capital gains.
Eligible dividends
Eligible dividends
Under section 89(14) of the Income Tax Act; an eligible dividend is a taxable dividend paid by a Canadian Corporation to a resident of Canada. The corporation can make the whole amount of the dividend; eligible divided or make a portion of the dividend eligible. The corporation issuing eligible dividends should make every possible effort to notify its shareholders that the dividend is an eligible dividend. The gross-up tax rate charged on eligible dividends is 38%.
Ineligible dividends
Ineligible dividends
Ineligible dividends or non-eligible dividends are dividends paid out by corporations that are not eligible for the eligible dividend tax credit. The gross-up rate charged on non-eligible dividends is 15%.
Other income (incl. CERB/CESB)
Other income (incl. CERB/CESB)
Other income includes income other than your salary, self-employment income, retirement income, or investments, foreign income, and canceled debts. It can be your income from a death benefit,casual income (income from lottery, horse races, etc), scholarships, or grants.
Other incomes to understand in Saskatchewan
What is interest income?
What is interest income?
Interest Income is the income you receive for lending money to an entity such as a bank or a business corporation. Interest income is a part of your total income and therefore must be reported on your tax return even if the amount is less than $50. Interest income or income from the investment is shown on the T5 slip, Statement of Investment Income.
What are ordinary dividends?
What are ordinary dividends?
Ordinary dividends are widely known as non-eligible dividends in Canada that are paid by corporations that do not qualify for the eligible dividend tax credit. Corporations that earn less than $500,000 in net income payout non-eligible dividends. The ordinary dividends or non-eligible dividends are taxed at a gross-up rate of 15%.
What are qualified dividends?
What are qualified dividends?
Canadian Companies that qualify for the eligible dividend tax credit payout qualified or eligible dividends. The corporations are required by the Canada Revenue Agency to notify shareholders that dividend paid is an eligible dividend. Large business corporations pay corporate tax at higher tax rates therefore the eligible dividends are taxable on a gross-up rate of 38%.
What is passive income?
What is passive income?
Passive income refers to the income you generate with minimum labor. An example of passive income is royalty on a book, rent from a property, or dividend income. Most passive incomes are taxable at higher rates. An example of passive income in Canada is the eligible dividend that is taxed at a 38% tax rate.
What is capital gain?
What is capital gain?
Capital gain is a profit made on the sale of an asset that increased in value during its holding period. For instance, you buy stocks of a company for $800,000 and hold it for a certain period, after which you sell it for $1,000,000. The additional $200,000 earned is your capital gain. Capital gains are taxable in Canada, however, some capital gains that qualify for Lifetime Capital Gains Exemption LCGE are not taxable.
Other income
Other income
Other income is your income from sources other than your salary income, capital gains, self-employment, retirement income, or investments, foreign income, and canceled debts. Other income can be a casual income (for example income from lotteries, horse races, or gambling), or a death benefit.
Understanding Saskatchewan Deductions & Credits
What are tax exemptions?
What are tax exemptions?
Tax exemptions refer to a relief from taxes, reduction in taxes or taxes on only a portion of your income. Tax exemptions reduce your taxable income so you pay less Sask tax. Some tax exemptions are available to individuals on a temporary or permanent basis to reduce their tax liability. For example gifts and lottery winnings are exempt from taxes.
CRA credits
CRA credits
The Canadian Revenue Agency allows contributions to the Registered Retirement Savings Plan RRSP without paying taxes. RRSP contributions can be used as a tax deduction on your tax return. The income earned in the RRSP is tax-free until withdrawn. So, you’ll pay the deferred taxes on RRSP withdrawals later.
Mortgage interest
Mortgage interest
Mortgage interest refers to the interest you pay to your lender when you mortgage a house. Interest payments on personal mortgages are not tax-deductible, however, the mortgage interest payments are tax-deductible if you are using your mortgage property to generate rental income.
Charitable donations
Charitable donations
If you give charitable donations to registered and qualified charities, you can save the tax receipts and claim a tax credit. If you make charitable donations to the registered charities recognized by the CRA, you can claim tax credits to lower your taxes.
Student loan interest
Student loan interest
In some provinces of Canada, you can claim tax credits on student loan interest. In Saskatchewan, you can receive tax credits on the actual amount of your student loan interest. Students in Saskatchewan can claim up to $20,000 in tax credits through the Graduate Retention Program. The provincial tax credit can be claimed on the T2202A tax slip issued by the educational institution.
Child & dependent care expense
Child & dependent care expense
The Disability Tax Credit is a non-refundable tax credit which can be claimed for eligible children and adults with severe and prolonged disabilities. A person is eligible for the disability benefits or tax credits if a medical practitioner certifies on the Form T2201, Disability Tax Credit Certificate, that the person has prolonged and severe physical or mental impairment.
College education expense
College education expense
The eligible students can rebate up to $20,000 of tuition fees in Saskatchewan under the Graduate Retention Program. The rebate is based on your tuition fee that is indicated on the T2202A tax receipts issued by your educational institution.
Mental health credits
Mental health credits
To check eligibility and calculate the tax credit amount, individuals under 18 years of age use Worksheet SK428. For disabled individuals who are 18 years or older, the Saskatchewan tax credit of $9,464 can be claimed on line 58440 of Form SK428. Medical practitioners can fill out their portion of Form T2201, print and return it to the applicants of digital application for disability tax credit.
Other deductibles
Other deductibles
Tax deductibles and deductibles are expenses that a taxpayer can deduct from their adjusted gross income. Deductibles can reduce the amount a taxpayer owes in income tax.
Explore other provincial or territorial tax calculators
FAQs
The last date for filing taxes in Canada is April 30 for workers and June 15 for self-employed individuals.
The tax rates in Saskatchewan that determine Saskatchewan tax brackets are 10.5% on taxable income that is $49,720 or less. Plus 12.5% on the next portion of income up to $142,058. Plus 14.5% on the next portion of income that is more than $142,058.
To calculate the tax correctly in Saskatchewan, use a tax calculator Saskatchewan or get help from a tax expert.
Tax deducted from your paycheck depends on your taxable income and Saskatchewan tax rates. The progressive marginal tax rates in Saskatchewan are 10.5% for taxable income of $49,720 or less, plus 12.5% on the next $92,338 plus 14.5% on taxable income more than $142,058.
Carbon tax in Canada is a tax policy meant to reduce greenhouse emissions. Emitters in Canada who use diesel, LPG, or other fossil fuels pay the carbon tax. The Saskatchewan carbon tax rebate lets the families and individuals claim tax rebate on line 45110 of the T1 General.
Ideally, you should keep tax records for six years. Tax records provide written evidence of our income and expenses; therefore, you might need them later to prove income, claim tax refunds, or for other legal actions.
Tax refunds in Canada usually take 2 weeks. However, some tax refunds can take as long as 10-12 weeks to process.
Annual provincial income in Saskatchewan is taxed according to Saskatchewan marginal tax rates that can be found on the CRA’s website. Using a Saskatchewan tax estimator, you can calculate your tax in Saskatchewan.
Tax returns can be filed Online but you can also mail them to Winnipeg Tax Centre, Post Office Box 14001,, Station Main, Winnipeg MB R3C 3M3
In Canada, 50% of the capital gain is taxable on marginal income tax rates. So, if you are in the highest provincial and federal tax bracket, (over $235,675) your capital gains tax rate will be 23.75%. But if you are in a lower tax bracket, (less than $49,720) your capital gains income will be taxed at 12.75%.
Withholding tax is the income tax deducted from paycheck.
The provincial marginal tax rates are 10.5% for taxable income of $49,720 or less, plus 12.5% on taxable income more than $49,720 but not more than $142,058 plus 14.5% on taxable income more than $142,058. Sask income tax calculator can be used to calculate your tax in Saskatchewan.
There are three Saskatchewan tax brackets: the lowest one has a tax rate of 10.5% and the highest has a tax rate of 14.50%.
The province of Saskatchewan offers tax credits that reduce your provincial tax liability such as the Saskatchewan Farm and Small Business Capital Gains Tax Credit, Saskatchewan Low Income Tax Credit, Graduate Retention Program and Saskatchewan Mineral Exploration Tax Credit (SMETC).
Income taxes can be paid online through the CRA’s ‘My Payment’ service. Simply enter your personal information, report your income, and review your return to file your return for free using Wealthsimple.com
Tax on Split Income TOSI is applied to income of individuals who were born after the year 2003. For more information check Form T1206 on the CRA’s website.
The RRSP offers immediate tax benefits when it comes to tax returns as they reduce your income tax. The RRSP dollar limit for the year 2022 is $29,210. Talk to your tax expert about how contributing to the RRSP can reduce your Saskatchewan income tax.