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The 2021-22 Budget has a forecast deficit of $2.6 billion. We project the province’s fiscal path will steadily. improve over the next three years with smaller deficits of $1.7 billion in 2022-23; $1.2 billion in 2023-24; and $770 million in 2024-25. A return to balance is expected in 2026-27.
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Apr 6, 2021 · The 2021-22 Budget also invests $830 million into operating, maintaining, building and improving Saskatchewan's roads and highways - up $115 million, or 16 per cent, compared to last year. This year's budget also provides nearly $190 million for education capital, up $22.3 million or more than 13 per cent compared to last year.
2022.At budget, these private-sector forecasters expected Saskatchewan’s real GDP to grow by 4.6 per cent in 2021 and by 3.6 per cent in 2022, after an estimated 5.2 per cent decline in. 2020.Government’s real GDP forecast at budget was 3.4 per cent growth in 2021, followed by growth of 3.2 per cent in.
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Apr 7, 2021 · Grow.”. The largest allocation will be health spending, up 5.8% to $6.5 billion for FY 2021-22. Saskatchewan will spend an additional $90 million in COVID-19 response this year. To date, the province earmarked $4.8 billion across all departments in the fight against COVID-19, with $1.5 billion of the expense allocated to FY 2021-22.
- A. Corporate Tax Measures
- B. Personal Tax Measures
- C. Other Measures
Corporate Tax Rates
No new corporate income tax rate changes were announced in this year’s budget. The current corporate income tax rates for 2021 are outlined below: As previously announced, the small business tax rate was temporarily reduced from 2.0 percent to zero effective October 1, 2020. The rate will increase to 1.0 percent on July 1, 2022 and return to 2.0 percent on July 1, 2023.
Extended Saskatchewan Technology Start-up Incentive
The STSI program is being extended for an additional five years, through to 2025-26. The program provides for a non-refundable 45-percent income tax credit for individual, corporate or venture capital corporation investments in eligible start-up businesses (ESBs) that are developing new technologies, or applying existing technologies in a new way, to create new proprietary products, services or processes that are repeatable and scalable. Other changes to the program were announced as follows:...
Personal Tax Rates
No new personal income tax rate changes have been announced in this year’s budget. The top marginal personal income tax rate for Saskatchewan is 14.50 percent for 2021. The current top combined federal and Saskatchewan marginal rates for 2021 are outlined below:
New Saskatchewan Home Renovation Tax Credit
Previously announced in the fall of 2020, the Government introduced a new home renovation tax credit. Homeowners may claim the 10 percent non-refundable tax credit on up to $20,000 of eligible home renovation expenses. Eligible expenses include the cost of labour and professional services, building materials, fixtures, equipment rentals and permits. Renovation expenses must be incurred between October 1, 2020, and December 31, 2022 and the credit applies only to renovations to a homeowner’s p...
Reinstated Active Families Benefit
The Government is reinstating the AFB to provide a refundable income tax credit, of up to $150 per year per child, to assist families with the cost of registering children in cultural, recreational and sports activities. Families of children with a disability can claim an additional $50, for a total tax credit of up to $200 per year per child. Eligible programs are those that require children to actively participate, are offered by a service provider located in Saskatchewan, involve instructi...
Vapour Products Tax
To help prevent vapour products from being attractive to youth and non-smokers, Budget 2021-22 introduces a new VPT with a rate of 20 percent on the retail price of all vapour liquids, products and devices, effective September 1, 2021. Retailers selling vapour products will be required to obtain a VPT license and submit a VPT return.
Heat-Not-Burn (HNB) Tobacco Products
To help maintain tax equity between different types of tobacco products and to bring HNB tobacco sticks in line with existing tobacco legislation, the 2021-22 Budget adds HNB tobacco as a separate category under The Tobacco Tax Act. HNB will be taxed at a rate of approximately 75 percent of the tax rate on cigarettes, effective June 1, 2021. The current tax rate on cigarettes is 27.0₵ per stick, resulting in a HNB tax rate of 20.5₵ per stick.
Passenger Electric Vehicles (EVs) Tax
The 2021-22 Budget introduces a new annual tax of $150 for each passenger EV registered in Saskatchewan, effective October 1, 2021. The Province announced that EVs contribute to wear and tear on roadways but do not contribute to highway maintenance through the provincial Fuel Tax. This new tax will be dedicated to such provincial highway maintenance. The tax will be collected by Saskatchewan Government Insurance when the EV is registered. The Government noted that it will also consider option...
Aug 27, 2020 · Deficits of $1.4 billion in 2021-22, $855 million in 2022-23 and $340 million in 2023-24 are forecasted. ... up from a 6.3 per cent decline in the budget. Saskatchewan’s real GDP is forecast to ...
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Apr 6, 2021 · "Budget 2021-22 marks the second year of our government's record two-year capital plan to build a strong Saskatchewan, including $2.0 billion in stimulus funding that has been allocated for hospitals, schools, highways and other important projects that will support our province's economic recovery," SaskBuilds and Procurement Minister Jim Reiter said.
