REGINA — The Government of Saskatchewan has introduced legislation to provide relief to small businesses in the province.
As outlined in the 2024-25 Budget, The Income Tax Amendment Act, 2024 maintains the small business tax rate reduction in Saskatchewan at one per cent until June 30, 2025.
Saskatchewan temporarily suspended the small business corporate income tax rate of two per cent in fall 2020 to support small businesses in the province through the pandemic and the ensuing recovery. Following an extension in 2022, the rate was scheduled to gradually return to two per cent, beginning at one per cent on July 1, 2023. It was then set to return to two per cent on July 1, 2024, but it will now remain at one per cent until June 30, 2025.
With the extension, an estimated 31,000 small businesses in Saskatchewan will save $56 million in corporate income tax. The small business rate was first lowered in 2020, and is expected to save Saskatchewan's small businesses an estimated $416 million in total.
