Released on May 19, 2006
A new Tool Tax Credit worth almost $3 million in annual savings to eligible tradespeople was formally passed in the Legislature today."Our provincial economy is performing well, and the demand for workers in the skilled trades is increasing," Finance Minister Andrew Thomson said. "This tax credit provides an incentive for tradespeople to build their futures right here."
Details of the Tool Tax Credit are as follows:
• One-Time Trade Entry Tax Credit, resulting in $1 million in savings annually for newly qualifying tradespeople, recognizing the high cost of initial purchases of work-related tools that are required as a condition of employment; and
• Annual Maintenance Tax, worth an estimated $1.9 million in annual tax savings for qualifying tradespeople, recognizing the ongoing cost of maintaining tools.
Details of the Tool Tax Credit, including categories of eligible trades, can be found in the attached backgrounder.
Thomson gave credit to MLA Ron Harper, who helped establish the criteria and categories of tradespeople.
"Mr. Harper, through his consultation with industry and tradespeople, was invaluable to this effort," Thomson said, noting the credit has received much positive feedback. "He deserves full marks for his work on this file.
"Our tradesepeople have told us the Tool Tax Credit provides significant financial relief, and will provide an incentive for those young people considering entering a trade to literally build their careers right here at home," Thomson said. "These changes are just another way our Government is helping ensure Saskatchewan is the best place in Canada to live, work and raise a family."
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For More Information, Contact:
| Mike Woods Finance Regina Phone: (306) 787-6578 Email: mwoods@finance.gov.sk.ca |