Saskatchewan Finance Minister Kevin Doherty delivered the province’s 2017 budget on March 22, 2017.
Saskatchewan Finance Minister Kevin Doherty delivered the province’s 2017 budget on March 22, 2017. The budget forecasts a deficit of $1,288 million for the 2016-2017 fiscal year. The budget also projects deficits of $685 million for the fiscal 2018 year and $304 million for fiscal 2019. It projects a surplus of $15 million for 2020.
The budget lowers both corporate and personal income tax rates over four years starting in 2017, but increases the provincial sales tax (PST) rate to 6% (from 5%), effective March 23, 2017. It also expands the PST base and eliminates some exemptions. In addition, the budget introduces a refundable R&D tax credit for small and medium sized companies, and a patent box regime for the commercialization of intellectual property in Saskatchewan.