Last updated: Mar. 27, 2023
Saskatchewan Budget 2023 Highlights
The 2023 Saskatchewan Budget was delivered by Finance Minister, Donna Harpauer on March 22, 2023.
The Budget is anticipated to result in a surplus of $1.15 billion for 2022 – 2023, and surpluses of $1,017 million for the 2023-2024 budget year, and $208 million for the 2024-2025 year.
Here we’ll provide a summary of key highlights of Saskatchewan’s 2023 Provincial Budget.
As previously announced, the small business rate will increase from nil to 1% as of July 1, 2023. It had had been temporarily reduced to nil from 2% on October 1, 2020. It is set to return to 2% on July 1, 2024.
Corporate tax rates for Saskatchewan:
|Corporate Income||Saskatchewan Rate||Combined Provincial + Corporate Rate|
*tax rate on the first $600,000 of active business income, shared amongst an associated group.
The Government of Saskatchewan announced a one-year extension to the existing Saskatchewan Manufacturing and Processing Exporter Tax Credit.
Previously set to expire December 31, 2022, this credit was extended by one year with an expiration date of December 31, 2023.
This credit was introduced to encourage Saskatchewan businesses to increase their M&P activities, through providing a hiring tax credit ($3,000 per additional employee) and a Head Office tax credit ($10,000 for each additional “head office” employee).
Corporations that expand the number of M&P related full-time employees above the number that were employed in 2014. The same eligibility criteria exist, as was previously set.
Personal Tax Measures
There are no changes to personal tax rates, but tax brackets will temporarily increase in 2024, with a return to annual indexing in 2025.
|Taxable Rates||Tax Brackets|
|10.5%||Up to $49,720|
|12.5%||$49,721 – $142,058|
|14.5%||$142,059 and up|
Saskatchewan Mineral Exploration Tax Credit
The Budget includes a proposed increase of the existing non-refundable Saskatchewan Mineral Exploration Credit, from 10% to 30%, effective for the 2023 taxation year.
This credit is available to taxpayers who invest in eligible flow-through shares issued by mining or exploration companies.
Benefits for Low-Income Families and Seniors
The Budget proposes an increase to several existing benefits aimed at supporting low-income families and seniors:
- Senior’s Income Plan Benefit – increase $30/month
- Saskatchewan Assured Income for Disabilities (SAID) – increase $30/month
- Saskatchewan Income Support – increase $30/month
- Personal Care Home Benefit for eligible individuals – increase $400/month
- Personal Care Home Benefit for qualifying SAID individuals – increase $684/month
Graduate Retention Program Continues
The Graduate Retention Program (GRP) provides tax credits of up to $20,000 to post-secondary students who remain in Saskatchewan to work.
Other Tax Measures
Provincial Sales Tax (PST)
The following expenditures will be exempt from Provincial Sales Tax (PST):
- Expenses relating to the repair and installation of exempt medical equipment, such as labour and materials (effective April 1, 2023).
- Storage containers and buildings specifically used for storing commercially grown produce (effective retroactively from April 1, 2019)
- Rigs used for commercial geothermal drilling (effective retroactively from April 1, 2017)
- Boats with attached harvesting equipment primarily used in rice farming (effective retroactively from April 1, 2019)
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