Saskatchewan Party Will Make Small Business Tax Cut Permanent
October 11, 2024Economy Adds 17,200 New Jobs
Saskatchewan’s strong and growing economy added 17,200 new jobs over the past year, according to the latest labour force report released today by Statistics Canada.
Premier Scott Moe said the strong job growth is a clear sign of a strong economy and a bright future for the province.
“The Saskatchewan Party’s goal is to keep Saskatchewan’s economy strong and creating new jobs and opportunities,” Moe said.
“We know that small businesses create many jobs in Saskatchewan. That’s why today, I am announcing that the small business tax rate that our government reduced as we emerged from the pandemic will remain at the reduced rate of one per cent.”
The small business tax rate was scheduled to return to two per cent on July 1, 2025. A re-elected Saskatchewan Party government will keep the rate at one per cent. Saskatchewan will also continue to have the highest threshold of annual income in Canada that can be claimed under the small business tax rate at $600,000.
Moe said if re-elected, the Saskatchewan Party government will work with the Saskatoon and Saskatchewan Chambers of Commerce to develop a new small and medium-sized enterprises (SMEs) tax credit to encourage small business development and create jobs.
“A Saskatchewan Party government will also create a new Saskatchewan Young Entrepreneur Bursary,” Moe said. “We will provide an annual grant of $285,000 to the Saskatchewan Chamber for local Chambers throughout the province to use to provide $5,000 bursaries to local young entrepreneurs for business development.
“We look forward to partnering with the Saskatoon and Saskatchewan Chambers on these two important economic initiatives. A strong economy creates jobs and opportunities for Saskatchewan people, and it ensures government has the resources it needs to for important government services like health and education.
“Reducing the small business tax rate and creating new jobs – that’s part of our plan for a strong economy and a bright future.”