On April 6, 2021, Finance Minister Donna Harpauer tabled Saskatchewan’s 2021-22 budget (Budget 2021).
The estimates provided in Budget 2021 show a deficit of $1.86 billion for the 2020-21 fiscal year, which is $561 million less than the deficit projected for the same fiscal year in the previous budget. The government extends its plan to balance the budget to 2026-27.
Fiscal results for the next four years are projected as follows:
Business tax measures
Corporate tax rates
The government introduced legislation prior to Budget 2021 to temporarily reduce the small business rate from two percent to nil, effective October 1, 2020 and restore the rate back to two percent by July 2023. The amended small business rates are as follows:
Budget 2021 does not propose any changes to the $600,000 small business limit.
Saskatchewan’s corporate tax rates for 2021 are summarized as follows: