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Saskatchewan -> Budgets

Saskatchewan Budgets

All budget proposals are subject to legislative approval.

Saskatchewan 2021-2022 Budget April 6, 2021

Several bills have been tabled subsequent to the budget, and can be found in their Progress of Bills document.  These include:

bulletBill 28, The Active Families Benefit Act, 2021
bulletBill 35 The Income Tax Amendment Act, 2021
bulletBill 36 The Provincial Sales Tax Amendment Act, 2021

Projected Deficits

bullet2021-22 Budget deficit forecast $2.6 billion
bullet2022-23 deficit $1.7 billion
bullet2023-24 deficit $1.2 billion
bullet2024-25 deficit $770 million
bullet2026-27 return to balanced budget expected

Personal Tax Measures

bulletActive Families Benefit restarted, retroactive to Jan 1, 2021
bulletHome Renovation Tax Credit for 2021 and 2022 (see Dec 2020 Bill 1 - link below)
bulletNon-eligible dividend tax credit rate reduced effective January 1, 2021 (see Dec 2020 Bill 2 - link below)

Business Tax Measures

bulletSmall business corporate tax rate will be increased to 1% effective Jul 1, 2022, and to 2% effective Jul 1, 2023.
bulletTechnology Startup Incentive extended for 5 years - eligible for a personal or corporate tax credit

Other Tax Measures

bullettaxation of vapour products and heat-not-burn tobacco products
bulletincreases to Education Property Tax mill rates
bulletroad use fee for electric vehicles at time of registration to ensure fairness to all road users contributing to road maintenance and replacement

Saskatchewan 2021 Budget on the SK website - for complete information.

Tax Changes Prior to the 2021 Budget

Saskatchewan's Bill 1, The Income Tax (Strong Recovery Home Renovation Tax Credit) Amendment Act, 2020, which received Royal Assent on Dec 10, 2020, created a Home Renovation Tax Credit.

Saskatchewan's Bill 2, The Income Tax (Strong Recovery Small Business Tax Reduction) Amendment Act, 2020, which received Royal Assent on Dec 10, 2020:

bulletreduced the Small Business corporate tax rate to 0% effective Oct 1, 2020.

Saskatchewan COVID-19 Information and Support

Saskatchewan 2020-2021 Budget June 15, 2020

bulletAbove link is to SK website
bulletPersonal Income Tax system to be indexed using the federal indexation rate beginning with the 2021 taxation year.
bulletNew incentive to encourage investment in the chemical fertilizer sector.
bulletExtend the Manufacturing and Processing Exporter tax Incentive for an additional 3 years
bulletMeasures to ensure out-of-province e-commerce platforms collect and remit Provincial Sales Tax.
bulletSee budget link above for complete budget details.

Bill 210, Income Tax Amendment Act, 2020 (pdf) - Royal Assent July 3, 2020.

Saskatchewan 2019-20 Budget March 20, 2019

bullet Above is link to SK website
bullet The only tax change is the introduction of new tax credits for volunteer firefighters and volunteer emergency medical first responders:
bulletThe tax credits will be available beginning with the 2020 taxation year.
bulletIndividuals with at least 200 hours of volunteer service in a year will be able to claim a $3,000 tax credit amount (non-refundable tax credit at the lowest tax rate).
bulletIndividuals who perform at least 200 hours of combined volunteer firefighting and emergency medical first responder services will be able to claim one of the two tax credits.
bullet Individuals who receive honoraria for their volunteer emergency service duties may claim either the income exemption or the tax credit, but not both.

2018 Budget - April 10, 2018 - on SK website

bullet The non-eligible dividend tax credit rate will be revised to 3.333% of the taxable dividend (24.162% of the gross-up) for 2018, and to 3.362% of the taxable dividend for 2019 (25.773% of the lower 15% gross-up).
bullet PST exemption for used light vehicles is being removed effective April 11.  If a vehicle is traded in, the PST will only be paid on the difference in price between the trade-in and the purchased vehicle.  PST will not be charged for used vehicles gifted between qualifying family members (spouses, parents or legal guardians, children, grandparents, grandchildren or siblings), and will not be applied to the private sale of used vehicles with a purchase price of $5,000 or less.
bullet PST exemption for Energy Star appliances is being discontinued.
bullet The planned personal tax rate reduction for 2019 has been "paused".

Saskatchewan November 2017 Business Taxation Amendments

On November 6, 2017, Saskatchewan introduced Bill 84, An Act to amend The Income Tax Act, 2000 respecting Business Taxation (pdf).  It received Royal Assent on November 7, 2017.  This Act does the following:

bullet increases the general corporate income tax rate from 11.5% to 12% effective January 1, 2018
bullet increases the small business deduction threshold from $500,000 to $600,000 effective January 1, 2018
bullet revises the enhanced dividend tax credit rate for eligible dividends to 11% for 2018 and subsequent years.  The Saskatchewan tax rate tables,  and income tax calculators  have been revised to reflect this change.

2017 Budget - March 22, 2017

2016 Budget June 1, 2016 - on SK Finance site

bulletActive Families Benefit, a non-refundable credit, is to be terminated effective January 1, 2016
bulletNon-eligible dividend tax credit rate is to be maintained at 3.4% of the taxable dividend

Bill 22 The Income Tax Amendment Act, 2016, which received Royal Assent on June 30, 2016, contains amendments for the above items.

2015 Budget March 18, 2015 - on SK Finance site

bulletSeniors' Drug Plan - income threshold lowered from about $80,000 to about $65,500.  See Drug Plan on SK website.
bulletActive Families Benefit will be income tested, available to families with net incomes below $60,000.
bulletGraduate Retention Program will become a non-refundable tax credit - post-secondary graduates who stay in Saskatchewan will still be able to receive the full amount of their tuition back - up to $20,000 - through a reduction in their provincial income tax.
bulletEmployment Supplement is changing to keep the benefit affordable and still help families with younger children.
bulletResearch & Development Tax Credit will now be fully non-refundable and rate is being reduced from 15% to 10% of qualifying R&D expenditures.

2014 Budget March 19, 2014 - on SK Finance site

bulletbalanced budget
bulletrevised rate dividend tax credit for non-eligible dividends
bulletspecial income tax reduction for credit unions to be maintained
bulletfor taxation changes see Budget 2014 Core Operational Plan (pdf)
bullet Increased benefits for recipients of:
bullet Seniors Income Plan
bulletPersonal Care Home Benefit
bulletSaskatchewan Assured Income for Disability

2013 Budget Summary - on SK Finance site

bullet6th consecutive balanced budget for this government
bulletNo income tax changes were announced

Saskatchewan 2012 Budget

2011 Budget Summary - on SK Finance site

Main tax changes:

  1. Basic personal, spousal and spousal equivalent amounts increased by $1,000 to $14,535 for 2011.
  2. Child amount increased by $500 to $5,514 for 2011
  3. Corporate tax rate for small businesses reduced from 4.5% to 2% effective July 1, 2011.
  4. Due to the reduction in the small business corporate tax rate, the dividend tax credit rate for non-eligible dividends will be reduced from 6% in 2010 to 5% in 2011 and 4% in 2012.

2010 Budget - on SK Finance site

No income tax changes were announced.

2009 Budget - on SK Finance site

2008 Budget

2007 Budget

Previous Budget Documents - on SK website

Revised: April 21, 2021

 

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