Saskatchewan Eliminates Small Businesses Tax

Business corporate income tax for small businesses in Saskatchewan has eliminated for two years, effective October 1. In July 2022, the tax – currently at two per cent - will be reintroduced at a reduced rate of one per cent and the next year will go back up to two per cent. "Saskatchewan's small businesses and their employees have been hard hit by the effects of the global COVID-19 pandemic," says Donna Harpauer, Saskatchewan’s finance minister. "Lowering taxes for every small business in our province over the next three years will help them to recover from the pandemic and enable them to retain and hire more workers." Businesses eligible will need to have fewer than 100 employees, have lost 30 per cent of revenue from 2019, and have continued to earn less revenue than before the pandemic.