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On Monday, June 15, 2020, the Saskatchewan Minister of Finance, the Honourable Donna Harpauer, presented the province's 2020 Budget, addressing the challenges presented by the global COVID-19 pandemic. The reduction in provincial revenues and additional costs related to the pandemic have resulted in a $2.4 billion deficit forecast for 2020-21.
There was very little introduced in terms of tax measures; below are highlights from Budget 2020:
No new corporate income tax rate changes have been announced in this year's budget.
The current corporate income tax rates for 2020 are outlined below:
The budget introduced a 15-percent tax credit, the Saskatchewan Chemical Fertilizer Incentive, for new investment in the chemical fertilizer sector.
The budget extends the Manufacturing and Processing (M&P) Exporter Tax Incentive for an additional three years, to December 31, 2022. The incentive provides non-refundable tax credits to eligible corporations that expand the number of M&P-related full-time employees and derive at least 25 percent of their revenues from export of their manufactured goods to the rest of Canada or internationally.
The budget announced the Oil Infrastructure Investment Program (OIIP) which provides a transferrable royalty/freehold production tax credit of 20 percent of eligible pipeline development projects. An eligible project requires a minimum investment of $10 million; there is a royalty credit cap of $40 million. Applications will be accepted until March 31, 2025, and all credits will expire by March 31, 2035.
Income Tax Brackets
The budget announced a re-introduction of automatic annual indexation of the personal tax brackets beginning in 2021.
No new personal tax rate changes were announced in this year's budget. The Saskatchewan personal income tax rates are as follows:
Top Combined Marginal Rates for 2020
The top marginal personal income tax rate for Saskatchewan is 14.50 percent for 2020. The current top combined federal and Saskatchewan marginal rates for 2020 are outlined below:
The budget included the following Provincial Sales Tax (PST) announcements:
MNP is a leading national accounting, tax and business consulting firm in Canada. We proudly serve and respond to the needs of our clients in the public, private and not-for-profit sectors. Through partner-led engagements, we provide a collaborative, cost-effective approach to doing business and personalized strategies to help organizations succeed across the country and around the world.
Jeff Henkelman 306.664.8361
Ron Friesen 306.664.8324
Jaymon Hill 306.664.8371
Rashelle Dolan 306.664.8300
Ryan Kehrig 306.664.8347
Regan Exner 306.790.7907
Wayne Paproski 306.790.7941
Josh Shankowsky 306.790.7931
Jeff Harrison(Indirect Tax) 306.751.7998
Cindy Heinrichs 306.770.3627
Tracy O'Donnell 306.770.3645
Find out key details and impacts of the 2020 provincial budgets and sign up for our exclusive tax insights.
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Download the Budget Announcement as a PDF.
Related Topics:Budget Announcements
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