Sask. increases graduate retention tax credit, offering up to $24,000

The Government of Saskatchewan has increased the tax credits offered to post-secondary students who remain in the province after graduation.

The provincial government announced the increase on Tuesday, saying the benefit will rise by up to 20 per cent for students who graduate on or after October 1, 2024. That means students are eligible for up to $24,000 in tax credits, up from the previous maximum of $20,000.

Graduates receive the credits over a seven-year period, and have up to 10 years to claim or apply an unused credits.

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Eligible graduates will receive their first increased credit when filing their 2025 taxes in the spring of 2026, the province noted.

“The Graduate Retention Program has been supporting post-secondary graduates for over a decade and we are proud to increase this incentive,” Ken Cheveldayoff, Saskatchewan’s advanced education minister, said in a statement.

The provincial government touted its program as “the most generous program of its kind in Canada,” and noted that it has provided more than $801 million in tuition tax credits to more than 85,200 graduates since 2008.

The program also brings benefits to employers, the government noted, as it incentivizes graduates from both within and outside Saskatchewan to live and work in the province.

“The 20 per cent increase to the Saskatchewan Graduate Retention Program is a fantastic incentive for graduates to build their careers and families here,” said University of Saskatchewan student Arliss Sidloski, quoted in a government release.

“I encourage my fellow graduates to take advantage of this program and contribute to strengthening Saskatchewan’s workforce and economy.”

More information on the program can be found on the Government of Saskatchewan’s website.