The Provincial Government reiterated what it intended to do with regards to providing relief for small businesses in last week’s Budget by introducing legislation Wednesday that maintains the small business tax rate reduction in Saskatchewan at one per cent until June 30 of next year.

The extension will allow an estimated 31,000 small businesses in the province to save about $56 million in corporate income tax. The small business tax rate was suspended in the fall of 2020, designed to support small businesses in the province through the pandemic and ensuing recovery. The rate was increased to one per cent on July 1, 2023 and was supposed to be upped to two per cent on July 1, 2024. However, with the tax rate being kept at one per cent, it is expected to save Saskatchewan’s small businesses about $416 million in total.