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Last updated: Apr. 1, 2024
Saskatchewan Budget 2024 Highlights
The 2024 Saskatchewan Budget was delivered by Finance Minister Donna Harpauer, on March 20, 2024.
The Budget is anticipated to result in a deficit of $273.2 million for the 2024 – 2025 fiscal year.
Here we’ll provide a summary of key highlights of Saskatchewan’s 2024 Provincial Budget.
Corporate Tax
Corporate tax rates for Saskatchewan were not changed and remain to be (as of January 1, 2024):
| Corporate Income | Saskatchewan Rate | Combined Provincial + Corporate Rate |
| General | 12% | 27% |
| M&P | 10% | 25% |
| Small Business* | 0% | 9% |
*tax rate on the first $600,000 of active business income, shared amongst an associated group.
The previous budget (2023) included an announcement that the small business rate would return to its previous rate of 2% on July 1, 2024, however, it will remain at 1% until June 30, 2025.
Dividend Tax Credit for Non-Eligible Dividends
The 2024 Budget includes a proposed adjustment of the dividend tax credit for non-eligible dividends, for both 2024 and 2025.
This credit adjustment reflects the extension of the small business tax rate being held at 1% (instead of increasing to 2%, as previously proposed).
Further details on this adjustment will be released in the future.
Commercial Innovation Incentive Extended
The existing Saskatchewan Commercial Innovation Incentive (SCII) has been extended to June 30, 2025.
The SCII is a tax incentive that offers eligible corporations a reduction of the provincial Corporate Income Tax Rate for commercializing their qualifying intellectual property in Saskatchewan. The rate reduction applies for 10 consecutive years and can be extended for up to 15 years provided specific requirements are met.
Technology Startup Incentive Extended
The existing Saskatchewan Technology Startup Incentive (STSI) program has been extended. The extension includes:
- an additional year for the program which now ends on March 31, 2027
- eligibility includes new companies developing novel technologies in the cleantech sector
STSI offers a non-refundable 45% tax credit to Saskatchewan-based investors who invest in Eligible Technology Startup Businesses.
Petroleum Innovation Incentive Extended
The Saskatchewan Petroleum Innovation Incentive (SPII) has been extended by five years to March 31, 2029. It has also received a funding cap increase which will be shared with the newly announced Saskatchewan Critical Mineral Innovation Incentive (SCMII). (see “Other Tax Measures” below)
The SPII is designed to encourage innovation in Saskatchewan’s oil, gas, helium, and lithium industries. It provides tax credits of up to 25% on eligible project costs.
Oil and Gas Processing Incentive Extended
The existing Oil and Gas Processing Incentive (OGPII) has been extended to March 31, 2029.
OGPII offers transferable tax credits of up to 15% for qualified greenfield or brownfield value-added projects at a rate of 15 per cent of eligible program costs. It is open to value-added projects across all segments of Saskatchewan’s oil, gas, helium, and lithium sectors as well as chemical fertilizer facilities.
The funding cap has been increased but will be shared with the newly announced Critical Minerals Processing Investment Incentive (CMPII). (see “Other Tax Measures” below)
Personal Tax Measures
There were no changes to the personal tax rates. For 2024, the Saskatchewan Personal Tax Brackets and Rates are as follows:
| Taxable Rates | Tax Brackets |
| 10.5% | Up to $52,057 |
| 12.5% | $52,057 to $148,734 |
| 14.5% | Over $148,734 |
Other Tax Measures
Critical Minerals Innovation and Processing Incentives Introduced
The Saskatchewan Critical Minerals Innovation Incentive (SCMII) will support projects that set out to achieve specific criteria in the novel technology space:
- Manage environmental impacts,
- Increase value-added processing,
- Commercialize waste or byproducts, or
- Improve resource recovery rates.
If eligible, project costs could result in a 25% transferable Crown royalty and freehold production tax credit. The program would provide credits to qualified innovation commercialization projects in Saskatchewan’s aluminum, cobalt, copper, gallium, magnesium, nickel, rare earth elements and zinc industries.
The Critical Minerals Processing Investment Incentive (CMPII) will support new or existed value-added processing projects that set out to achieve specific criteria in the critical minerals sector, such as byproduct commercialization opportunities at existing mine sites and processing facilities.
The CMPII the SCMII program. It offers transferable Crown royalty and freehold production tax credits of up to 15% for qualified greenfield or brownfield value-added processing projects. The CMPII is open to value-added processing projects across all segments of Saskatchewan’s aluminum, cobalt, copper, gallium, magnesium, nickel, rare earth elements and zinc industries.
The expected launch date for SCMII and CMPII would be in late spring of 2024, once a short consultation period within the industry is completed.
Multi-Lateral Oil Well Program Introduced
The 2024 Budget introduced a new Multi-Lateral Oil Well Program (MLWP), designed to assist in the development of new oil well configurations, also known as multi-lateral wells.
This program will support eligible new wells which were drilled between April 1, 2024, and March 31, 2028.
If expenses meet specific measurement criteria, eligible project costs could result in Crown royalty and freehold production tax incentives.
Fair Taxation Legislation
The budget outlines measures to strengthen the integrity of the provincial tax system and ensure equitable treatment for all taxpayers. This will be achieved through legislative amendments to the Revenue and Financial Services Act, which will be introduced in the forthcoming legislative session. These amendments will focus on:
- Enhancing revenue collection tools
- Increasing penalties for non-compliance
- Curtailing tax avoidance
- Clarifying taxpayer compliance obligations and heightened monitoring
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