This Act received Royal Assent on December 10, 2024, and contained the
following provisions:
Increased the 2025 basic personal amounts (BPA) and spousal/spouse
equivalent amounts by
$500 to $19,491. These amounts will be indexed in subsequent years, and for
tax years 2026 to 2028 $500 will be added to the indexed amounts, with
regular indexing resumed in 2029.
The dependent child 2025 tax credit is also increased by $500 for 2025, to
$7,704, with increases in the same manner as the BPA for 2026 to 2028.
Senior supplementary amount is increased by $500 to $2,028, with increases
in the same manner as the BPA for 2026 to 2028.
Disability amount, and the additional amount for individuals under 18,
have increased by 25%, in addition to inflation, to $13,986, with increases
in the same manner as the BPA for 2026 to 2028.
In-home care of relative amount increased increased by 25% to $13,986 for
2025, to be indexed as usual in subsequent years.
Infirm dependant amount increased by 25% to $13,986 for 2025, to be
indexed as usual in subsequent years.
The Graduate Retention Program's tax credit benefits will increase by
20%, from $20,000 to $24,000, for those who graduate on or after October 1,
2024..
The following tax calculators have been updated for these changes: Detailed
Canadian Income Tax Calculator, Investment Income Tax Calculator, and Basic
Canadian Income Tax Calculator. All can be found on our Canadian
Income Tax Calculators page.
2024-25 projected deficit of $273.2 million, expecting to return to a
surplus in 2025-26.
Small business tax rate of 1% extended until June 30, 2025, after which it
will increase to 2% as previously planned. The dividend
tax credit for non-eligible dividends has been revised for 2024 and
later years, as well as the 2024 marginal tax
rates for non-eligible dividends.
Saskatchewan
low-income tax credit will be
increased effective July 1, 2025. For 2026 to 2028, these amounts will be increased by 5% per year in addition
to increases due to inflation. Regular inflation increases will resume in 2029.
Saskatchewan
Technology Start-up Incentive (STSI) program cap will be doubled from
$3.5 million to $7 million annually as of April 1, 2024. The program has
also been expanded to include startups developing clean technologies in
Saskatchewan. The program's sunset date has been extended from March 31,
2026 to March 31, 2027.
Saskatchewan
Petroleum Innovation Incentive (SPII) new application intake period will
be extended for five years, to March 31, 2029. The funding cap will be
increased from $30 million to $100 million in royalty credits rewarded.
cigarettes increasing by 2 cents per cigarette, from 27 to 29 cents
loose tobacco increasing by 8 cents per gram
provincial sales tax will be applied to admission and entertainment
charges, following the federal GST treatment, effective October 1, 2022.
education property tax (EPT) mill rates are being increased slightly
temporary small business tax rate reduction to zero will return to 1% on
July 1, 2022, and to 2% on July 1, 2023.
effective April 4, 2022 the site commission rates for video lottery
terminals (VLTs) will increase from 15% to 18%.
Saskatchewan vapour products tax (VPT) will not be charged in Lloydminster,
effective March 24, 2022.
Effective April 1, 2022, sales of audiobooks will be exempt from PST.
proposal is being developed to take over administration of, and all
revenues from, the federal carbon tax backstop fuel charge. A plan
will be announced in the fall of 2022.
The only tax change is the introduction of new tax
credits for volunteer firefighters and volunteer emergency medical first
responders:
The tax credits will be
available beginning with the 2020 taxation year.
Individuals 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).
Individuals 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.
Individuals who
receive honoraria for their volunteer emergency service duties may claim either
the income exemption or the tax credit, but not both.
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).
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.
PST exemption for Energy Star appliances is being
discontinued.
The planned personal tax rate reduction for 2019 has been
"paused".
Saskatchewan
November 2017 Business Taxation Amendments
Seniors' Drug Plan - income threshold lowered from about $80,000 to
about $65,500. See Drug
Plan on SK website.
Active Families
Benefit will be income tested, available to families with net
incomes below $60,000.
Graduate 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.
Employment Supplement is changing to keep the benefit affordable and
still help families with younger children.
Research & Development Tax Credit will now be fully
non-refundable and rate is being reduced from 15% to 10% of qualifying
R&D expenditures.
Basic personal, spousal and spousal equivalent amounts increased by $1,000
to $14,535 for 2011.
Child amount increased by $500 to $5,514 for 2011
Corporate tax rate for small businesses reduced from 4.5% to 2% effective
July 1, 2011.
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.