REGINA – With tax laws and personal situations changing from year-to-year, filing an annual tax return is not always the same and thus, can be daunting.
The Government of Saskatchewan is highlighting some initiatives it wants residents to take advantage of, including its graduate retention program, where workers in the province are eligible for refund of up to $20,000.
“Young graduates struggle when they get into employment,” said Finance Minister Ken Krawetz. “What we’re trying to do is ensure that they are trying to recoup some of their tuition costs.”
New this year is a two per cent increase to Saskatchewan’s personal exemption.
“So now people are going to see that $15,200 is the personal exemption for 2013. That will save people money,” said Krawetz. “Personal exemption is the amount of money that you can deduct right off the top that’s non-taxable.”
Deductions that often are missed include bus passes, moving expenses and even travel medical insurance.
For one last time, take advantage of claiming your safety deposit box rental.
“Last year that you can claim it. Next year, for tax season of 2014, it won’t be available,” said Leroy Gorski with H&R Block.
One of the most common questions associates receive at H&R Block is whether common-law couples should file together.
Gorski says couples who have lived together for 12-months or more should file together.
“One spouse filed at one place and the other filed at our place here and between them they missed a claim for their children for their Saskatchewan portion of their tax return,” said Gorski.
“That meant $2,200 dollars to them. That happens so often. You’ve got to file together.”
For people who earn less than $30,000 a year, The Salvation Army will do their taxes for free.
“A lot of new Canadians, who perhaps aren’t familiar with Canadian tax law,” said Major Doug Binner with The Salvation Army. “A lot of senior citizens, who may struggle with completing their taxes on their own and just folks who don’t feel confident to do that.”
So far this year, The Salvation Army has helped 290 clients with their taxes. Last year, a total of 1,500 claims were filed.
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