SaskWorks investors receive a 32.5% tax credit on investments of up to $5,000.
Province proud? Invest.
SaskWorks is a fund made up of Saskatchewan-based companies, positioned for growth. When you invest in SaskWorks, you’re supporting the local economy, local employers, and giving a shot-in-the-arm to well-managed companies doing their best.
Put your taxes to work! Invest regularly and reduce your income tax on each paycheck. More than 145 Saskatchewan companies offer their employees the option to affordably keep their investment dollars at home with the SaskWorks Payroll Investment Plan.
Debited directly from your bank account. Choose the amount and frequency that works best.
Single-lump sum deposits.
Deposit up to a maximum of $5,000 each year. Under Income Tax legislation, investors in SaskWorks are eligible to receive a 15% Federal and 17.5% provincial tax credit on an annual investment of up to $5,000. It is also RRSP eligible for RSP tax deferral and an additional tax deduction.
|-Provincial Tax Credit (17.5%)||($875)|
|-Federal Tax Credit (15%)||($750)|
|-RRSP Tax Deferral* (33%)||[$1,650]|
|Net cash outlay after tax savings||$1,725|
*Assumes taxable income of $51,536 - $97,069
Other facts you should know:
You can only invest up to $5,000 each year.
Saskatchewan residents can invest up to $5,000 each year and must file taxes as a Saskatchewan resident to claim tax credits.
The Saskatchewan government limits the amount SaskWorks can accept from Saskatchewan investors each year. When the limit is reached, the fund closes to new deposits until the next deposit year opens up. That is why we recommend that lump sum deposits be made well in advance of December 31. If you deposit through payroll or automated deposits, your programmed allocation is protected.
SaskWorks can be purchased as an RRSP, LIRA (locked in assets) or a personal account, but not into a Tax-Free Savings Account.
Each SaskWorks deposit matures after eight years and immediately upon death. There are no penalties if deposits are withdrawn before maturity, but the government will reclaim tax credits that have been received.
Saskworks is an investment fund. Share values and returns will fluctuate.You have options when your deposit matures:
- Leave it invested in the SaskWorks portfolio of companies.
- Transfer it to another investment.
- Renew your deposit for another eight years and receive another tax credit.
- Redeem the proceeds and spend the money.