Saying small business is a key driver of the Saskatchewan economy, Scott Moe is saying if re-elected October 26, the small business tax rate will be reduced for the next three years.
Speaking in Prince Albert on Saturday morning, Moe says the Saskatchewan Party knows how hard small businesses and its employees have been hit hard by the pandemic which is why they are taking this move.
Moe says if re-elected, the Saskatchewan Party government will:
- Reduce the small business tax rate from two percent to zero, beginning October 1, 2020;
- Move the small business tax rate to one percent beginning July 1st, 2022; and
- Move the small business tax rate back to its current two percent, beginning July 1st 2023.
The amount which small business can earn at the small business tax rate will remain at $600,000 – the highest threshold in Canada. The cost to the government will be $189 million over four fiscal years.
“That’s an average savings of about $6100 per small business, and I would expect most of that money will be reinvested back into the business, helping to drive Saskatchewan’s economic recovery,” Moe said in a release. “The combination of low small business tax rates and the highest small business income tax thresholds will make Saskatchewan the best place in Canada to start and grow a small business.
