Released on March 23, 2007
Premier Lorne Calvert today announced details of a major government program to ensure young people build their future here in Saskatchewan.
Saskatchewan’s new Graduate Tax Exemption offers new graduates $100,000 in tax free income during their first five years of employment with carryover provisions for a further five years.
In its first year, the Graduate Tax Exemption is projected to provide $5.8 million in tax relief. This program will provide graduates with a $1,100 per year tax reduction for five years. As the number of eligible graduates rises over the five-year eligibility period, the annual tax savings will rise. Maximum annual tax savings are expected to reach almost $40 million in the future.
“This is a major investment in the future of our province and our youth – and a statement of how serious we are about making Saskatchewan a better place for young people,” Calvert said. “Together with other enhancements to post-secondary affordability and accessibility, this program provides our best and brightest young people with more incentive than ever to start a career right here at home.”
The exemption is available for graduates of a post-secondary education program that results in a certificate, diploma or degree or that provides certification to journeypersons. It is available to graduates within or outside of Saskatchewan who want to start their career here.
“Saskatchewan offers an unparalleled combination of professional, cultural, education and training opportunities for young people,” Advanced Education and Employment Minister Pat Atkinson said. “Today’s announcement provides yet another compelling incentive for young people to choose to live and work here.”
As a result of this program, a new graduate who comes to, or remains in, Saskatchewan to start a career will realize $5,500 in tax savings over five years. The 2007-08 budget also provides several investments in the affordability of post-secondary education and training, including:
- $21.6 million to extend the province’s post-secondary tuition freeze for a third consecutive year, saving students $1,500 this year;
- $4.1 million in additional funding for Student Loans and Provincial Training Allowance; and
- $500,000 to expand the Centennial Merit Scholarship program.
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For more information, contact:
Christopher Jones-Bonk
Advanced Education and Employment
Regina
Phone: 306-798-3106
Email: cjonesbonk@sasked.gov.sk.ca