Saskatchewan 2022 Budget Highlights

Saskatchewan 2022 Budget Highlights

On March 23, 2022, the Saskatchewan Minister of Finance announced Saskatchewan’s 2022 budget. This article highlights the most important things you need to know.

No Changes To Corporate or Personal Tax Rates

There are no changes to Saskatchewan’s corporate tax rates or personal tax rates in Budget 2022.

Increased Value-Add Agriculture Incentive Tax Credit

Budget 2022 increases the tax credit rate for the Saskatchewan Value-added Agriculture Incentive up to 40%, depending on the amount being invested. This credit is only available for capital expenditures valued at $10 million or more for newly constructed or expanded value-added agriculture facilities in Saskatchewan, such as canola crush facilities and pea protein processors.

Increased Technology Start-Up Incentive Tax Credit

This initiative offers a non-refundable 45% tax credit to anyone investing in eligible start-up businesses that are either developing new technologies or applying existing technology in a new way. Budget 2022 increases the annual cap of the Saskatchewan Technology Start-up Incentive tax credit to $3.5 million per year.

Changes in Education Property Taxes

Budget 2022 increases the mill rates (amount of tax payable per dollar of a property’s assessed value). The new education property tax rates are as follows:

  • Agricultural — 1.42 (from 1.36)

  • Residential — 4.54 (from 4.46)

  • Commercial/Industrial — 6.86 (from 6.75)

  • Resource — 9.88 (from 9.79)

Changes In PST Charges

Budget 2022 includes two PST changes. Audiobooks will be exempt from PST sales as of April 1, 2022. As of October 1, 2022, PST will be charged by various places that charge admission, including sporting events, concerts, museums, and fairs. It will also be applied to gym memberships and golf memberships.

Improvements In Child Care Options

Budget 2022 commits over 300 million dollars to improve child care options. The money is committed as follows:

  • $309.6 million for early learning and child care. This includes funding provided via the Federal-Provincial Early Years Agreements.

  • $4.3 million to create 6,100 new child care spaces.

Helping The Healthcare System Thrive

Budget 2022 also commits a record 6.8 billion to help the healthcare system thrive. The money is committed in a variety of areas, including:

  • $21.6 million to reduce the surgical waitlist. 

  • $12.5 million for 11 additional ICU beds. The government’s goal is to bring the total of ICU beds in the province to 90 by 2022-23, increasing to 110 by 2024-25.

  • $470 million for mental health and addictions services programs.

We can help!

We can help you determine the effect of tax changes in this year’s budget on your personal or business finances. Get started today and give us a call!

2022 British Columbia Budget Highlights

British Columbia 2022 Budget Highlights

On February 22, 2022, the B.C. Minister of Finance announced the 2022 budget. We have highlighted the most important things you need to know about this budget.

Supporting Sustainable Economic Development

Budget 2022 contains several measures to help build a more robust economy, including $50 million to support growing sectors such as life sciences, manufacturing, and agriculture. In addition, the budget allocates funding to help industries impacted by COVID-19, including the tourism industry, the arts, and non-profit organizations. Budget 2022 supports workers looking to upgrade their skills or train for new jobs, with an emphasis on providing training for early childhood educators and health care assistants.

Offering Stronger Health Care

Budget 2022 includes funding to support the opening of new Urgent and Primary care centres and continuing Pathway to Hope from Budget 2021, which dedicated $500 million over two years to support mental health and addiction care. As well, Budget 2022 includes funding for B.C. Centre for Disease Control.

Expanding Child Care Options and Lowering Fees

Working with the federal government, the B.C. government will create 40,000 new licensed child care spaces for children under six over the next seven years. The budget also includes an investment in increasing before and after school spaces and expanding the Seamless Day program to include 44 school districts.

Fees for full-day infant and toddler care will be reduced by 50% by the end of 2022 (to an average of $20/day). Average preschool and before and after school care fees will be cut to less than $20/day for the 2023/2024 school year.

Supporting Capital Infrastructure

Budget 2022 commits to spending over $27 billion to support critical infrastructure, including schools, hospitals, affordable housing, and highways and bridges. This amount of capital spending will support the creation of over 100,000 jobs.

Providing Funding For Affordable Homes

Budget 2022 allocates 2 billion dollars to HousingHub. HousingHub is a program that provides low-interest loans to private developers and other community groups and is designed to give middle-income British Columbians more opportunities to rent or own homes.

Promoting Clean Transportation

Budget 2022 continues to build on the B.C. government’s plan to fight climate change. PST will no longer be charged on used Zero-Emission Vehicles (ZEVs). The luxury tax threshold on ZEVs has been increased, and rebates will be available for both ZEVs and ZEV charging infrastructure.

No Changes To Corporate or Personal Tax Rates

Budget 2022 does not include any changes to the province’s corporate tax rates or personal tax rates.

We can help!

We can help you assess the impact of this year’s budget changes on your finances or business. Give us a call today!