​Saskatchewan's Bill 89, which includes a measure to extend the province’s temporary small business income tax rate reduction by one year, received Royal Assent on November 14, 2022. Specifically, Bill 89 retroactively extends the reduced small business income tax rate of 0% to June 30, 2023 (from June 30, 2022), and similarly delays further scheduled increases so that it does not return to its original rate of 2% until July 1, 2024 (instead of July 1, 2023). The province previously announced that it would introduce this extension, along with a new Saskatchewan Affordability Tax Credit and other measures on August 23, 2022.

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Information is current to November 14, 2022. 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