Canada: Extension of temporary small business income tax rate reduction (Saskatchewan)
Retroactive extension of reduced small business income tax rate of 0% to 30 June 2023 (from 30 June 2022)
Retroactive extension (Saskatchewan)
Saskatchewan's Bill 89, which includes a measure to extend the province’s temporary small business income tax rate reduction by one year, received first reading on 2 November 2022.
Specifically, the bill retroactively extends the reduced small business income tax rate of 0% to 30 June 2023 (from 30 June 2022), and delays further scheduled increases so that it does not return to its original rate of 2% until 1 July 2024 (instead of 1 July 2023). For prior coverage, read TaxNewsFlash
Read a November 2022 report [PDF 211 KB] prepared by the KPMG member firm in Canada
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.