Annual tax time

Over the next several weeks, millions of Canadians will prepare and file their income tax forms for the 2015 taxation year. The good news if you’re living in Saskatchewan is a number of provincial tax credits are available that can help keep your taxes low.

Provincial tax credits include:

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 at www.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.

For more information about eligibility or about how to claim any of the credits listed above, visit the Canada Revenue Agency website at www.cra-arc.gc.ca