CRA & Revenu Québec

Qualifying for Saskatchewan Tax Incentives

If you are a resident of Saskatchewan, the government offers numerous tax incentives. If you are a low-income resident of Saskatchewan, you may qualify for the Low-Income Tax Credit. This refundable tax credit provides up to $946 annually to qualifying families.

Saskatchewan Low-Income Tax Credit

The government of Saskatchewan introduced the Low-Income Tax Credit to replace the Sales Tax Credit. although fully funded by the provincial government, quarterly payments are administered by CRA and combined with federal GST/HST benefit payments.

As an adult, you receive a tax credit of $346, while each child receives $136. The maximum your family can qualify for is $946 annually. Families with an adjusted net income of $32,643 or less will receive the full eligible benefit. You may receive partial credit if your adjusted family income is between $32,643 and $67,697.

For more information please click here.

Labour-sponsored Venture Capital Program

The Labour-sponsored Venture Capital Program was introduced to provide a financial incentive for people to invest in Labour-sponsored venture capital corporations. These funds or pools of capital help finance small and medium-sized companies in Saskatchewan.

If you invest in the shares of a LSVCC, claim a provincial tax credit of 17.5 % of your investment cost and a federal tax credit of 15 % on your first $5,000 invested annually. If you buy the shares of a LSVCC registered the amounts remain the same as mentioned above. The total tax credits you claim for both cannot be greater than $1,000 in a single tax year.

For more information LSVCC please click here.

Political Contributions Tax Credit

Claim a tax credit if you donated to a qualifying political candidate. Claim a tax credit of 75 % on your first $400 donated, 50 % on the next $350 donated and 33 1/3 % on the last $525 donated. The maximum tax credit available annually is $650.

For more information on Political Contributions please click here.

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Resources:

Saskatchewan Tax Credits