Saskatchewan Graduate Retention tution rebate
it's easy to draw
The Saskatchewan Graduate Retention tuition rebate is a great program for new grads who choose to remain in Saskatchewan. The program also now includes students who went to school outside of Saskatchewan, but have moved to the province since graduating. Combined with the fact that Saskatchewan has one of the lowest unemployment rates in Canada, this is a great reason to move to Saskatchewan, or for Sask ex-pats to return home.
The $$$:
The program is advertised as “up to $20,000 of your tuition back!”, however the key here is the “up to” part. Only students graduating in 2010 and later are eligible for the full $20,000. The program has been phased in since being introduced in 2008, so students who graduated 2006 – 2009 are eligible for a lesser amount per year. And if you graduated in 2005 or before, your out of luck. (I’m personally in the situation… back in 2005 when the NDP ruled Saskatchewan all we got was a one-time $675 credit…..)
Schedule for the Phase in of Tuition Rebate Maximums
Maximum Rebate for 2006 and 2007 Grads Maximum Rebate for 2008 Grads Maximum Rebate for 2009 Grads Maximum Rebate for 2010 Grads and Beyond 1 year certificate, diploma or journeypersons $3,000 $3,000 $3,000 $3,000 2 or 3 year certificate/diploma $3,200 $6,400 $6,400 $6,400 3 year undergraduate degree $5,000 $10,000 $15,000 $15,000 4 year undergraduate degree $5,000 $10,000 $15,000 $20,000
The maximum you are eligible to claim is also limited to the actual amounts spent on tuition. To calculate this amount, go back to your previous year returns and add up the tuition paid from your T2202 slips. If you can’t find these, your old slips may also still be available on your school’s website.
Your maximum eligible rebate amount will be paid to you over a period of 7 years, as long as you file a Saskatchewan tax return. The rate of pay back is also weighted in order to encourage graduates to stick around longer. For the year of graduation and the next 3 years, you will receive 10% of your rebate amount. After 4 years the rate increases to 20% for years 5, 6, and 7.
How to apply
If you graduated from U of R, U of S, SIAST, or one of several other school in the province, you don’t need to do anything. You should have received a big green sheet of paper in the mail to let you know your eligible. If you graduated after 2006 and haven’t received this, you should contact your school to see about getting another copy sent to you. I have spoken with a few recent graduates who had not received theirs in the mail, but where still able to get a copy.
If you graduated from a school outside of Saskatchewan (or even outside of Canada) and are now living in the province, you will need to apply on your own behalf. The application form can be found here.
For the people who prepare their own tax returns, the form you need to file is SK 479.
For example:
You graduated from the U of R in 2009, and in 4 years you spent $18,000 in tuition. Since the maximum for a 2009 graduate of a 4 year undergraduate degree is $15,000, your total rebate amount is $15,000. On your 2009 to 2012 tax returns, you will receive an extra $1,500 back ($15,000 x 10%). In 2013 to 2015, you will get a $3,000 ($15,000 x 20%) back on your tax return. Not bad! Thanks Brad Wall!
I am often asked if the cost of your work clothes, for example: suites, ties, shirts, etc. can be deducted on your tax return. After all, your employer requires you dress nice every day.
John Kozan 5:57 pm on February 8, 2010 Permalink
I should probably mention that this summary is straight from a CRA pamphlet. They gave me a few hundren pamphlets to hand out, so if you want one, let me know.