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2008 Saskatchewan Budget Impact Paper
This paper was prepared by the Compensation Sector, Accounting, Banking and Compensation Branch, Public Works and Government Services Canada (PWGSC). It should be noted that this document is not all encompassing. Employees may find this document informative from a personal perspective.
The following items, which are relative to the compensation product, were introduced in the Saskatchewan budget speech that was presented by Rod Gantefoer, Minister of Finance for the Government of Saskatchewan on March 19, 2008.
ITEMS AFFECTING PWGSC COMPENSATION SYSTEMS
Personal tax credits
Caregiver amount
The Caregiver Tax Credit has doubled from $4,095 to $ 8,190 effective January 1, 2008.
Amount for infirm dependants age 18 or older
The Infirm Dependants Tax Credit has doubled from $4,095 to $ 8,190 effective January 1, 2008.
Disability amount
The Disability Tax Credit has increased from $7,021 to $ 8,190 effective January 1, 2008. Impact: Information concerning the changes to these tax credits will be communicated to employees paid through the Regional Pay System and the Royal Canadian Mounted Police Pay System. This information will be communicated in an Information Notice to Employees in June 2008, and posted on the Compensation Sector Web site. In order to take advantage of the increase, employees will be required to complete a new Saskatchewan TD1 form. As the PWGSC Annuitant System records each tax credit shown on the TD1SK form separately, this system will be programmed to automatically increase these tax credits effective July 1, 2008.
ITEMS OF INTEREST
Disability amount supplement
The Disability Supplement Tax Credit has doubled from $4,095 to $ 8,190 effective January 1, 2008.
Impact: This increase will be incorporated into the 2008 income tax and benefit return.
Active Saskatchewan Families Benefit
The budget introduced a new refundable Active Saskatchewan Families Benefit effective for 2009 that provides an annual rebate of up to $150 per child for cultural, recreational and sports activity fees for children aged 6 to 14.
Impact: Guidelines will be released in the fall of 2008.
Graduate Retention Program
The budget introduced a new refundable tax credit entitled the Graduate Retention Program which will rebate up to $20,000 of tuition fees paid by eligible graduates of Saskatchewan post-secondary institutions. This credit is effective January 1, 2008, and replaces the Graduate Tax Exemption which was effective for the 2007 taxation year.
Impact: This credit will be incorporated into the 2008 income tax and benefit return.
To review the Saskatchewan budget documents, please visit this site:
