Tax Information for 2024 tax returns

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.