Saskatchewan’s Bill 133, which extends the Saskatchewan Manufacturing and Processing Exporter Tax Incentive by one year, received first reading on April 5, 2023. Specifically, the bill extends the incentive to December 31, 2023 (from December 31, 2022), as previously announced in the province’s 2023 budget. This incentive provides non-refundable tax credits to eligible corporations who hire additional manufacturing and processing-related full-time employees beyond the number who were employed in 2014.

The corporate income tax measure to extend the Saskatchewan Manufacturing and Processing Exporter Tax Incentive in Bill 133 is considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on April 5, 2023, the date the bill received first reading (as Saskatchewan has a majority government). This measure is not considered enacted for U.S. GAAP purposes until the date the bill receives Royal Assent.

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Information is current to April 17, 2023. 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