Tax Credits Helping to Keep Saskatchewan Strong

More than 270,000 Saskatchewan households claimed the Low-Income Tax Credit last year.

More than 56,000 recent graduates claimed Graduate Retention Program tax credits, more than 47,000 families claimed the Active Families Benefit, more than 7,000 new homeowners claimed the First-Time Homebuyers Credit, and more than 5,000 tradespersons claimed the Tool Tax Credit.

Since 2007, our government has delivered the largest income tax cuts and the largest education property tax cuts in Saskatchewan history.  Personal income tax reductions since 2007 have saved Saskatchewan residents approximately $150 million a year. In total our government has provided over $5 billion in tax relief since 2007. 

In comparison, when the NDP was in government, they chose to raise your taxes 17 times. They raised income taxes twice, they hiked the Provincial Sales Tax three times and they raised business taxes four times. Let’s not forget all of the education property tax hikes as a result of their failure to properly fund education.

As the global price for oil began to drop this year, our government was faced with budget challenges.  Instead of raising your taxes and taking more money out of your pockets, like the NDP used to do, we made a choice to keep taxes low. We made a choice to keep investing in needed infrastructure such as highways, hospitals and schools and we made a choice to keep Saskatchewan strong.

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With the personal tax filing deadline for the 2014 tax year quickly approaching, you can take advantage of provincial tax credits to help keep your taxes low.  If you are a recent first-time homebuyer or post-secondary graduate, tax credits are available which can reduce your taxes payable.

If you have a lower income or children who are enrolled in sports, cultural or recreational activities, our government’s tax credits will ensure you get to keep more of your hard-earned money. The same can be said for workers who are required to purchase tools as a condition of their employment.

Provincial tax credits include:

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 saskatchewan.ca/live/post-secondary-education/graduate-retention-program.
 

Saskatchewan Low-Income Tax Credit
A refundable income tax credit paid quarterly to assist lower-income Saskatchewan people.  The credit is paid in conjunction with the federal Goods and Services Tax Credit.  For more information, visit cra-arc.gc.ca/bnfts/rltd_prgrms/sk-eng.html.

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 pcs.gov.sk.ca/afb.

Employees’ Tool Tax Credit
A non-refundable income tax credit that helps with the cost of 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.

Prince Albert Northcote constituents are always welcome to contact me.  Call 306-922-4220, visit my website at http://mlajurgens.ca or email mlajurgens@sasktel.net. My office is located at 5A 598 15 St. East across from Superstore.

The budget may be viewed here: http://saskatchewan.ca/budget