Saskatchewan Offering $20,000 Tax Credit To Graduates Who Promise To Move There
Canadian university graduates have a nearly impossible task ahead of them. These spunky young people must contend with both a highly competitive job market and record high costs of living. Graduates are often forced out of job centres in the downtowns of Montreal, Toronto, and Vancouver.
That's why a a growing number of people aged 22 to 30 are looking to more rural areas to establish roots. To further entice whippersnappers to make the move out of Canadian cities, provinces and municipalities dealing with labour shortages are offering some pretty excellent incentives.
For a limited time last December, for example, one town in New Brunswick was selling plots of land for only $1 to Canadians who promised to move there and build homes for themselves.
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TLDR: A $20,000 tax credit is available to graduates of a 4-year post-secondary program who move to Saskatchewan.
Other incentives are less spectacular but still definitely worth consideration. Saskatchewan, for example, advertises a $20,000 tax credit to university graduates who promise to move to there. The credit is part of an effort to attract young talent to the prairie province.
According to the website, "you're eligible if you:
- Graduated from an approved post-secondary program and applied within seven years of graduation;
- Already live in Saskatchewan; or
- Are moving to Saskatchewan."
Only undergraduate degrees are eligible.
Notably, this implies that applicants do not need to live in Saskatchewan at the time of application submission. However, applicants must file their taxes in the province to claim the rebate.
Moreover, the "rebate is paid out over seven years." In "each of the first four tax years, you receive 10 per cent of your maximum rebate. In each of the final three tax years, you receive 20 per cent of your maximum rebate."
The $20,000 credit is reserved for people coming from a 4-year degree program. 3-year degree graduates may receive a $15,000 credit.
"Most Saskatchewan post-secondary institutions apply" on students' behalf. Graduates who received their degrees outside of the province "must submit an application, along with a copy of [their] certificate, diploma, or degree."
The application may be found on the provincial website here.
Saskatchewan is certainly a place graduates should consider. Money goes a lot further in Regina than it does in other Canadian cities. A spacious, two-bedroom condo, for example can cost renters as little as $1,050/month.
Stay tuned for more deals for students.