Saskatchewan Bill 62 received Royal Assent on May 17, 2017.
Under Bill 62, the Saskatchewan Labour-sponsored Venture Capital Tax Credit rate is reduced to 17.5% (from 20%) and the maximum individual annual tax credit that can be earned will decline to $875 (from $1,000), among other things. These amendments apply to 2018 and subsequent tax years.
The Province's 2017 budget previously proposed reducing the tax credit rate to 15% (from 20%), with the maximum individual annual tax credit that could be earned reduced to $750 (from $1,000).
Other 2017 budget measures, including a reduction to the general province corporate income tax rate to 5%, were included in Saskatchewan's Bill 69, which received Royal Assent on May 17, 2017.
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Information is current to July 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