Are you eligible for Saskatchewan provincial tax credits?

In the coming weeks, millions of Canadian will prepare and file their income tax forms for the 2015 taxation year.

For Saskatchewan residents, the Provincial government is reminding its citizens there are a number of provincial tax credits available that could help keep your taxes lower if you qualify. Some of the provincial tax credit include: First-Time Homebuyers Tax Credit; Graduate Retention Program Income; Saskatchewan Low-Income Tax Credit; Active Families Benefit; Employees’ Tool Tax Credit.

• 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 the Saskatchewan Advanced Education website at www.saskatchewan.ca/residents/education-and-learning/graduate-retention-program/about-the-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 the Canada Revenue Agency website at www.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 the Saskatchewan Parks, Culture and Sport website atwww.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.

Last year in Saskatchewan, more than 275,000 households claimed the Low-Income Tax Credit; more than 58,000 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.

A Saskatchewan family of four with $50,000 in annual income will pay just $64 in provincial income tax for the 2015 tax year, compared to $2,302 in 2007, representing tax savings of $2,238 annually, and in terms of all provincial taxes, that same family will pay $489 in Saskatchewan for the 2015 tax year.