Saskatchewan Affordability Tax Credit (SATC) Updates: A Welcome Relief for Residents
The Saskatchewan government has introduced a much-needed measure, the Saskatchewan Affordability Tax Credit (SATC) updates, to alleviate the financial burden on its residents. As part of a four-point plan aimed at combating the rising cost of living, the government will provide a $500 tax credit to all Saskatchewan residents who meet the eligibility criteria.
To qualify for the SATC, individuals must be 18 years or older by December 31, 2022, and have filed a 2021 tax return as a resident of the province. It’s important to note that this credit is not income-based and is available to every qualifying individual within a household. This means that households across the province can celebrate this fantastic news together!
To ensure eligibility for the credit, residents must file their 2021 tax return by October 31, 2022. For those who haven’t filed yet, there is an additional incentive in the form of the Climate Action Incentive. This quarterly payment helps offset taxes on purchases like gas and propane, providing further motivation to complete the tax return.
The SATC is just one component of the government’s comprehensive plan. Other measures include exempting fitness and gym memberships, as well as certain recreational activities, from the planned PST expansion on admissions, entertainment, and recreation, starting in October. The government has also extended the temporary 0% small business tax rate, retroactive to July 1, 2022, and postponed the restoration of the rate to 2.0% until July 1, 2024. Initially, the rate was set to increase back to 1% on July 1.
Thanks to a surplus that exceeded expectations, the government has also allocated funds to retire up to $1 billion in operating debt, providing further relief to taxpayers.
Residents who have recently moved are encouraged to contact the SATC administration centre to determine their eligibility for these benefits.
It’s a time to rejoice for Saskatchewan as these initiatives aim to alleviate financial pressures and improve the overall well-being of its residents.
Introducing the Manitoba Family Affordability Benefit: Support for Seniors and Families
While it may have happened in September, the recent announcement by the Manitoba government regarding the introduction of the Family Affordability Benefit is worth sharing. This new initiative aims to assist low-income seniors and families with children in navigating the challenges posed by the increasing cost of living. The benefit includes the following key components:
- Payments for Families with Children:
- Families with a net income below $175,000, as reported on their 2021 tax return, will receive a payment of $250 for the first child under 18.
- An additional payment of $200 will be provided for each additional child in eligible families.
- Payments for Seniors:
- Seniors with a family income below $40,000 who claimed the Education Property Tax Credit updates for Seniors on their 2021 income tax return will receive a payment of $300.
Cheques for the Family Affordability Benefit will be mailed out starting in late September to the address provided on the taxpayer’s 2021 tax return. However, it’s important to note that individuals who have changed their mailing addresses since then will need to update their information through a government web portal. While the portal is not yet available, it is expected to be accessible in the near future.
The Manitoba government’s introduction of the Family Affordability Benefit showcases their commitment to supporting seniors and families during these challenging times. By providing financial assistance tailored to the specific needs of different groups, Manitoba aims to improve affordability and enhance the well-being of its residents.
$1.4 Billion in Uncashed Cheques Remain with the CRA
In a recent bulletin released by the Canada Revenue Agency (CRA), it was revealed that a staggering $1.4 billion worth of uncashed cheques is currently being held by the agency. This substantial sum is the result of various circumstances, such as individuals misplacing their cheques or neglecting to update their address information with the CRA, resulting in cheques being mailed to outdated residences.
For those who have a My Account with the CRA, it is advisable to check if any uncashed cheques are awaiting attention. Taking the time to investigate this matter could prove worthwhile and potentially lead to the discovery of unclaimed funds.
The significant amount of uncashed cheques held by the CRA underscores the importance of maintaining accurate personal information with government agencies. By promptly updating address details and promptly cashing received cheques, individuals can avoid the risk of funds being left unclaimed.
If you have a My Account with the CRA, it is highly recommended to review your account and inquire about any uncashed cheques. This simple step may help you identify unclaimed funds and ensure that you receive the financial resources owed to you.