- 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 the Canada Revenue Agency website at www.cra-arc.gc.ca/bnfts/rltd_prgrms/sk-eng.html.
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.
“We hope all Saskatchewan taxpayers take advantage of the provincial credits they qualify for, saving money to spend on their families or keep for a rainy day,” Krawetz said. “In 2014 alone, tax reductions introduced by our government are expected to save Saskatchewan people more than $479 million. Since 2007 Saskatchewan people have saved more than $2.8 billion as a result of these measures.”
Last year in Saskatchewan, nearly 7,000 new homeowners claimed the First-time Homebuyers Credit, more than 45,000 families claimed the Active Families Benefit, about 50,000 recent graduates claimed the Graduate Retention Program tax credits, more than 270,000 households claimed the Low-Income Tax Credit, and about 6,000 tradespersons claimed the Tool Tax Credit.
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.
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