As they prepare their tax returns, Saskatchewan residents are reminded that a number of provincial tax credits are available to help them keep more of what they earn.
“If you’re a recent first-time homebuyer or post-secondary graduate, or if you have children enrolled in sports programs or cultural or recreational activities, credits are available that could help you keep more money in your pocket,” Finance Minister Ken Krawetz said. “We also have credits to assist Saskatchewan people with lower incomes, as well as employees who are required to purchase tools as a condition of their employment.”
Please keep the following provincial credits in mind when filing your taxes:
First-Time Homebuyers Tax Credit
A non-refundable income tax credit of up to $1,100, based on the first $10,000 of an eligible home purchase (a similar federal credit of up to $750 is also available).
Graduate Retention Program
Income tax credits provided over a seven-year period that refund up to $20,000 of tuition fees paid by eligible post-secondary graduates who live in Saskatchewan and file a Saskatchewan tax return. For more information, visit the Saskatchewan Advanced Education website (http://www.aeei.gov.sk.ca/grp).
Active Families Benefit
A refundable income tax credit of up to $150 per child 18 years of age or younger that helps Saskatchewan families with the cost of their children’s participation in cultural, recreational and sports activities. For more information, visit the Saskatchewan Parks, Culture and Sport website (http://www.pcs.gov.sk.ca/afb).
Saskatchewan Low-Income Tax Credit
A refundable income tax credit paid quarterly to assist lower-income Saskatchewan residents. The credit is paid in conjunction with the federal Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit. For more information, visit the Canada Revenue Agency website (http://www.cra-arc.gc.ca/bnfts/rltd_prgrms/sk-eng.html).
Employees’ Tool Tax Credit
A non-refundable income tax credit that recognizes the costs associated with purchasing, replacing or upgrading eligible tools by qualifying employees as a condition of their employment. The credit consists of a one-time trade entry amount and an annual maintenance amount.
“These credits are part of our government’s ongoing commitment to reduce taxes for Saskatchewan families and individuals,” Krawetz said. “Going forward, the Saskatchewan Plan for Growth commits our government to cutting taxes even more as financial circumstances permit.”
Personal income tax reductions introduced since 2007 have removed an estimated 114,000 Saskatchewan residents from the provincial income tax roll. In total, these reductions are providing more than $470 million in income tax savings to Saskatchewan people in 2013.
For more information about eligibility or about how to claim any of the credits, visit the Canada Revenue Agency website at www.cra-arc.gc.ca.