A re-elected Saskatchewan Party government will introduce a new First Home Plan. Beginning May 1, 2016, Graduate Retention Program (GRP) recipients will be able to use up to $10,000 of their unused GRP benefits toward the down payment on the purchase of a first home.
“One of the biggest changes we have seen in Saskatchewan over the past few years is that there are a lot more young people choosing to stay in Saskatchewan after they graduate compared to the huge numbers of young people who left Saskatchewan under the NDP,” Wall said. “The Saskatchewan Party wants to make sure that continues.”
Wall said many young people have told him that once they finish their education and start working, they could afford to make monthly mortgage payments on a new home but they have a hard time saving up enough money to make the initial down payment.
“This will help with that down payment,” Wall said. “It’s the next step in making Saskatchewan a great place to start your career.
“Our government introduced the Saskatchewan Advantage Scholarship to help students with the cost of their tuition. We introduced the Graduate Retention Program, which is effectively a tax break for post-secondary grads who choose to stay and work in Saskatchewan. And now, we will introduce this new option on the Graduate Retention Program to allow you to use your credits to buy your first home.”
The program will cost $900,000 in the first year, $1.8 million in the second year, $2.7 million in the third year and $3.6 million in the fourth year. Wall also committed to increasing the Saskatchewan Advantage Scholarship from $500 to $750 a year, as affordable and once the province’s finances strengthen. That increase will cost $4.5 million a year when fully implemented.
“Our Graduate Retention Program has been a huge success, providing more than $200 million in benefits to 58,000 young people who have stayed in our province after graduation,” Wall said.
“Now we’re going to make a great program even better. More young people staying in Saskatchewan – it’s an important part of our plan to keep Saskatchewan strong.”
For further information: http://www.saskatchewan.ca/residents/education-and-learning/graduate-retention-program