The 2016 Saskatchewan budget, tabled on June 1, 2016, contained no corporate tax changes and only three personal tax changes as summarized below. Please call our office if you have any questions. We would be happy to arrange a meeting to discuss how these measures may apply to your situation, assist you with the preparation and filing of your tax returns, and discuss tax planning opportunities.
First home plan (Graduate retention program)
A new plan was introduced which enables eligible graduates to utilize up to $10,000 of their future credits under the Graduate Retention Program an an “interest-free” loan towards the purchase of their first home in Saskatchewan. The amount is “repaid” from the Graduate Retention Program credits which they would otherwise receive in subsequent years. Individuals receiving a loan under this program are not eligible for the Saskatchewan First-Time Homebuyer’s Tax Credit which has a potential value of $1,100 depending on the individual’s tax situation.
Active families benefit
The provincial refundable credit of up to $150 per child for the costs of eligible activities will be eliminated starting in 2016.
Seniors drug plan
The maximum amount per prescription under the Seniors’ Drug Plan has been increased from $5 to $25.