To streamline the income verification process, improve security, and ensure compliance with tax regulations, grant recipients that received $500+ from Creative Saskatchewan are to utilize their formal contract with Creative Saskatchewan (Letter of Commitment or LOC) as a means of income verification for the 2023 tax year.
There is a section in any tax preparation software that allows for “other income”. If you are unsure on how to file your taxes using the grant agreement, please seek out advice from a tax account.
Recipients may provide their formal contract to their tax preparer as support for income earned. This approach not only enhances transparency but also assists in meeting tax reporting obligations.
LOCs comprehensively outline the terms and conditions of the grant, including the awarded amount and the designated purpose of the grant.
Utilizing a written agreement will provide both parties with a clear understanding of their respective rights and responsibilities, facilitating a smoother and more efficient tax reporting process.
If your grant is still open, your application will appear under “Active Applications”.
If your grant is completed and final reporting is approved/complete, your application will appear under “Archived Applications”
In your application, the Letter of Commitment is available for download under the “Results” tab.
Please note that if your second payment was adjusted or you did not receive the full amount during the calendar year, you should only include the funds you actually received during the year. Any future funds secured would be counted towards your 2024 tax return.
To all our grant recipients, we truly value your ongoing partnership and express our sincere gratitude for your invaluable contribution to the creative industries. Thank you for being an integral part of our shared commitment to fostering creativity and cultural enrichment.