The following is the current 2024 tax information. Please note that the GST, Sask Low Income Tax Credit and Carbon Tax are all subject to change.
Federal Credits Include:
Federal personal amount has been increased to $15,705, and spousal/equivalent to spouse amount is also $15,705.
Disability amount is now $9872, and under 18 disability credit is $9,872 + $5,758. Also Additional Child Benefits.
Medical expenses have a deductible of 3% of Net Income
The Canada Revenue Agency has extended the deadline for 2024 charitable donations to February 28, 2025.
Saskatchewan Credits Include:
Personal Amount increased to $18,491, and spousal/equivalent to spouse amount is also $18,491 - Net Income.
Child Amount is $7,015
Disability Credit is $10,894., and under 18 disability credit is $10,894 + up to $10,894, minus child care expenses.
GST Information as of Feb./2025 (subject to change):
Base amount is $725.00 annually
Spousal amount is $376.00 annually
Children $188.00 annually.
Calculated on Net Income. Base Net Income $45,521. Credit is reduced by 5% on any income over base net income, and paid quarterly in April, July, October and January.
Saskatchewan Low Income Tax Credit (subject to change):
Base Net Income is $37,584.00. Credits are reduced by 75% on income over base amount.
Basic Tax Credit is $398.00
Spouse Credit is $398.00
Dependants are $157.00 each
Saskatchewan Carbon Rebate (subject to change):
Base amount is $752.00 annually
Spouse is $375.00 annually
Dependants are $188.00 each annually
Paid quarters in April, July, October, January
The above information was provided by Judy Brewer, Franchise Owner, H&R Block, Kindersley.