Saskatchewan Bill 69 received first reading on April 13, 2017.
Bill 69 implements most of the tax measures in the province's 2017 budget, as well as new measures that were not announced in the budget. The provisions in Bill 69 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of April 13, 2017 (as Saskatchewan has a majority government).
Corporate tax measures announced in the 2017 budget
Bill 69 includes all of the remaining corporate tax measures announced in Saskatchewan's 2017 budget. In particular, Bill 69:
As previously reported, the provincial budget's increase to the corporation capital tax rate on large financial institutions was enacted by Saskatchewan Bill 58, which received Royal Assent on April 13, 2017.
As a result of these changes, Saskatchewan's corporate income tax rates are as follows for 2017:
Corporate tax measures not announced in the 2017 budget
Bill 69 includes several corporate tax measures that were not announced in the 2017 budget, such as:
Personal tax measures
Among other changes, Bill 69:
As a result of these changes, Saskatchewan's personal combined federal and provincial top marginal rates for income, capital gains and dividends are as follows for the 2017 taxation year:
For more information, contact your KPMG adviser.
Information is current to April 25, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500