The Saskatoon Chamber is on board with the provincial budget priorities and says in a news release it’s the right mix of deficit reduction and key investments to grow Saskatchewan’s economy.
Some of the highlights for Saskatoon’s biggest business network include the net debt to GDP ratio being the second lowest in the country, while the province’s credit rating remains the second highest in Canada. Greater Saskatoon Chamber of Commerce CEO, Jason Aebig, notes the previously announced changes to the small business corporate tax rate remain unchanged. He says, “We’re on board with the province’s plan to tackle the deficit, reduce operational debt and make strategic investments in key areas that promote job creation, improve our competitiveness and expand the availability of skilled labour to grow our industries. Measures to fast track economic growth and post-pandemic recovery are needed and welcome.”
According to the Chamber, specific highlights of today’s budget included:
• Net debt to GDP ratio is the second lowest in the country and the province’s credit rating remains the second highest in Canada.
• Saskatchewan has the highest rate of job growth within the country.
• Budget still on track to balance by 2026-27.
• Deficit reduced by $2.1 billion over last year.
• Previously announced changes to the small business corporate tax rate remain unchanged.
• The Saskatchewan Indigenous Finance Corporation will be established to provide $75 million in loan guarantees to Indigenous communities and enterprises for equity investment in resource development value-added agriculture.
• Labour Mobility and Fair Registration Practices Act is being introduced to support the attraction of skilled workers to the province and make Saskatchewan the easiest jurisdiction in Canada to relocate and have professional credentials recognized.
• Post- secondary capital investment of $31 million with $4 million directed towards Saskatchewan Polytechnic’s campus renewal project.
• $350,000 has been allocated to Saskatoon Tribal Council’s Saweyihtotan initiative which assists people experiencing homelessness to find stable and long-term housing.
• An increase to the annual Saskatchewan Technology Start-up Incentive tax credit cap to support early-stage technology start-ups.
• An additional $8 million directed towards Creative Saskatchewan for the Production Grant Program to incentivize steaming video production.
• The Regina Soundstage has been re-named in memory of our good friend and former colleague, Regina Chamber CEO, John Hopkins.
PST increases on admission and entertainment charges announced today will be disappointing to event venues and operators working hard to recover from the effects of the pandemic. While the PST adjustment follows federal government changes to the GST that will take effect October 1, 2022, the Chamber believes both levels of government have missed an opportunity to press pause on these increases and help these hardest-hit businesses draw audiences back to their events and attractions.
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