Effective January 1, 2008, this new refundable income
tax credit replaces the Graduate Tax
Exemption. The GRP provides a
tuition rebate.
Eligible graduates will include individuals who
successfully complete an approved program at a Saskatchewan post-secondary
institution. Eligible programs must be at least 6 months in
duration, and must:
result in a certificate, diploma, or undergraduate
degree, or
provide certification to journeypersons
In an October
30, 2008 news release, it was announced that this program is being
opened up to eligible post-secondary graduates within and beyond Canada.
The tuition rebate will be based on T2202A tuition
receipts. The maximum rebate for each program of studies is:
up to $3,000 for graduates of certificate programs,
including journeypersons
up to $6,400 for graduates of diploma programs
up to $15,000 for graduates of 3 year undergraduate
degree programs, and
up to $20,000 for graduates of 4 year undergraduate
degree programs
To fully qualify, graduates must remain in Saskatchewan
for seven years following graduation. Additional tuition rebates may
be earned by eligible graduates who opt to continue their post-secondary
education in another certificate, diploma, or undergraduate program.
The maximum lifetime tuition rebate is $20,000 per person.
The tuition rebates will be paid out through the
provincial income tax system. 10% of the entitlement will be paid
out in each of the first 4 years after graduation, and 20% will be paid
out in each of the following 3 years.
2006 and 2007 graduates who were eligible under the
previous Graduate Tax Exemption will continue to benefit from that program
for the 2007 tax year. In addition, if 2006 and 2007 graduates meet
eligibility criteria, they will benefit from the GRP. The maximum
tuition rebates for 2006 and 2007 graduates will be:
up to $3,000 for graduates of certificate programs,
including journeypersons
up to $3,200 for graduates of diploma programs, and
up to $5,000 for graduates of undergraduate
programs
For 2008 and 2009 graduates, the maximum tuition
rebates will be
up to $3,000 for graduates of certificate programs,
including journeypersons
up to $6,400 for graduates of diploma programs, and
up to $10,000 for 2008 graduates of undergraduate
programs, and up to $15,000 for 2009 graduates
Full benefits will be available for 2010 and later
graduates.
The Saskatchewan 2008 budget announced that this
exemption will be replaced by the Graduate Retention
Program (GRP).
graduates eligible if they successfully complete
an approved post-secondary program in 2006 or 2007.
this exemption provides a non-refundable tax
credit based on $10,000 per year for 5 years.
graduates from out of province schools will also
be eligible, but will have to apply to the SK
government for the exemption certificate.
eligible programs must be at least 6 months in
duration and must
result in a certificate, diploma, or degree;
or
provide certification to journeypersons.
individuals who graduated in 2006 and received
the $850 Post Secondary Graduate Tax Credit (PSGTC)
will also be eligible to claim the new exemption
for the 2007 through 2010 tax years
graduate must submit a Graduate Tax Exemption
certificate with their annual SK income tax return
eligible graduates will receive 5 $10,000
exemption certificates to be used over the next 5
tax years.
exemption certificate cannot be transferred to a
parent or spouse, but any unused portion can be
carried forward for a maximum of five additional
tax years, providing a 10-year window in which to
claim the exemption.
individuals can only qualify for this program
once in a lifetime.
available for students graduating from eligible
post-secondary education in years 2000 to 2006
one-time credit for completion of eligible program of
post-secondary studies
unused credit can be carried forward for up to 5 years
See the section on Saskatchewan
post-secondary graduate tax exemption amount in the Canada Revenue Agency ( CRA)
document Completing your Saskatchewan Form from the Saskatchewan
General Income Tax and Benefit Package page.
SK Low-income tax credit
(formerly sales tax credit)
available to low income individuals and families
combined with quarterly GST/HST credit payments
It was announced on October 21, 2008 that this tax credit
would be renamed the Saskatchewan Low-Income Tax Credit, with increases to the
amount of tax credits, retroactive to January 1, 2008. The amounts for
July 2010 to June 2011 are:
basic and spousal credits of $223 per
person, and $87 per child for up to 2 children
maximum tax credits provided to eligible families
with children is $620 per year per family
credit starts to be reduced when the adjusted
family net income is more than $29,204, and is eliminated when family
net income reaches $60,104
The information on this site is not intended to be a
substitute for professional advice. Each person's situation differs, and
a professional advisor can assist you in using the information on this web
site to your best advantage.
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