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      Friday, February 23, 2018

The Employees' Tool Tax Credit recognizes the costs associated with purchasing, replacing and upgrading eligible tools by qualifying employees as a condition of their employment.  The 2017-18 Budget announced the elimination of the Employees’ Tool Tax Credit, effective for the 2017 taxation year.

The tax credit effectively removes the eligible capital gain from an individual's income and recalculates the provincial income tax payable with the capital gain taxed at the lowest provincial statutory tax rate.
The Labour-sponsored Venture Capital Program encourages Saskatchewan individuals to invest in funds or pools of capital called Labour-sponsored Venture Capital Corporations (LSVCC).
The Political Contribution Tax Credit allows donors to qualifying political parties or election candidates to claim a provincial tax credit against Saskatchewan personal or corporate income taxes payable.

The Low-Income Tax Credit is designed to help offset a portion of taxes paid by lower income provincial residents.  The credit is fully refundable, meaning that a person does not have to pay income tax in order to receive the benefits.  A recipient must file an income tax return as a resident of Saskatchewan and meet income and family criteria to be eligible for benefits.

The Graduate Retention Program provides eligible students with a tuition tax credit of up to $20,000 on their income tax.

The Mineral Exploration Tax Credit Program was originally introduced in 2000 to encourage investors to purchase flow-through shares of Saskatchewan mineral exploration companies.  The Program was allowed to expire after 2005.  However, the 10% tax credit has been reinstated for flow-through share agreements entered into after March 31, 2008.

The First-Time Home Buyers Tax Credit: a provincial non-refundable income tax credit of up to $1,100 to eligible taxpayers on qualified homes purchased after December 31, 2011.


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