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    Thursday, February 22, 2018

The 2017-18 Budget announced the elimination of the Employees’ Tool Tax Credit, effective for the 2017 taxation year. 

The Employees' Tool Tax Credit was in effect from the 2006 through 2016 taxation years. The tax credit consisted of two components: a one-time trade entry amount and an annual maintenance amount. The maximum amount for each component was dependent upon the trade group that the individual is employed in. The tax credit was calculated as 11 per cent of the specified credit amounts for each of the trade group.

The one-time trade entry amount was intended to recognize the high initial cost of tools that are required to be purchased by employees to enter their trade. The annual maintenance amount was intended to recognize the ongoing cost to a tradesperson of maintaining his or her tools that are required as a condition of employment.

The Canada Revenue Agency administered the Employees' Tool Tax Credit on Saskatchewan's behalf and required that employees and employers complete a provincial tax form T1284 to determine both eligibility and the amount of the tax credit.

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