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Saskatchewan 2017 Budget

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Saskatchewan ->  Budgets  -> 2017 Budget

Saskatchewan 2017 Budget - March 22, 2017

The complete budget can be found on the Saskatchewan Budget Website, and tax changes can be found in the Revenue/Tax Backgrounder.

Bill 69, Income Tax Amendment Act, 2017 (pdf), was tabled on April 13, 2017.  Other bills have also been tabled relating to budget provisions.

All budget measures are subject to legislative approval.

Budget tax measures announced:

bulletProvincial sales tax (PST) rate increases from 5% to 6% effective March 23, 2017.
bulletItems previously exempt from PST that become taxable effective April 1, 2017 unless otherwise noted:
bulletChildren's clothing
bulletRestaurant meals and snack foods
bulletValue of a trade-in allowance, when a vehicle is traded-in on the purchase of vehicles that are new or have not been previously taxed in Saskatchewan.
bulletContracts for the repair, renovation or improvement of real property.  However, contractors will be eligible to acquire tax-free building materials for use in fulfilling a contract.
bulletInsurance premiums effective for premium payment due dates on or after July 1, 2017.
bulletPermanently mounted equipment in the oil and gas sector - exemption will be repealed.
bulletSaskatchewan Refundable Low-Income Tax Credit will be enhanced, effective July 1, 2017 - this is administered by Canada Revenue Agency (CRA).
bulletPersonal Income Tax Credits eliminated or reduced:
bulletCredits for post-secondary tuition and education expenses, effective July 1, 2017.
bulletEmployee's Tools Tax Credit, eliminated for 2017 and later taxation years.
bulletLabour-sponsored Venture Capital Tax Credit rate will be reduced from 20% to 15% for the 2018 taxation year.
bulletTax Rate Increases:
bulletTobacco Tax rates increase by 2 cents per cigarette effective March 23, 2017.
bulletCorporation Capital Tax rate on large financial institutions increases from 3.25% to 4.0% effective April 12, 2017.
bulletLiquor mark-ups increase April 1, 2017 by 6.8% for most beer products, 6% for most coolers, 5.3% for most wines and 4% for most spirits.
bulletEducation Property Tax mill rates increased for 2017.
bulletPersonal Income Tax Rates will be reduced in half-point increments effective July 1, 2017 and July 1, 2019.  This will result in the rates being reduced in 1/4 point increments each year for 2017 to 2020.
bulletThe enhanced dividend tax credit rate for eligible dividends is reduced by 1/4 point increments each year from 2017 to 2020, so that the rates will be 10.75% for 2017, 10.5% for 2018, 10.25% for 2019, and 10% for 2020.
bulletIndexation of the personal income tax system is being suspended starting with the 2018 taxation year.
bulletGeneral Corporation Income Tax Rate will be reduced in half-point increments effective July 1, 2017 and July 1, 2019.
bulletSaskatchewan Commercial Innovation Incentive will offer a 6% corporate income tax rate on income earned from the commercialization of qualifying intellectual property in Saskatchewan.
bulletResearch and Development Tax Credit will be reformed effective April 1, 2017, targeting smaller and medium-sized innovation companies with a refundable tax credit, while putting a cap on the existing non-refundable tax credit.
bulletInvestment Tax Credit Rate for capital acquisitions for use in manufacturing and processing is increased to 6% effective March 23, 2017.

Revised: May 09, 2017

 

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