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Government Legislation Supporting Small Businesses in Saskatchewan

The Government of Saskatchewan recently introduced legislation to provide relief to small businesses in the province. The measures outlined in the 2024-25 Budget, specifically the Income Tax Amendment Act, 2024, maintain the small business tax rate reduction at one per cent until June 30, 2025. This decision aims to support the growth of small businesses in Saskatchewan and enable owners to reinvest in their enterprises.

Deputy Premier and Finance Minister Donna Harpauer emphasized the importance of small businesses, stating, “Small businesses are the backbone of our provincial economy.” The government’s decision to extend the reduced tax rate was initially implemented in Fall 2020 to assist small businesses during the pandemic and the subsequent recovery period.

Originally scheduled to return to two per cent on July 1, 2024, the small business corporate income tax rate will now remain at one per cent until June 30, 2025. With this extension, the province estimates that approximately 31,000 small businesses in Saskatchewan will save $56 million in corporate income tax. Since the initial reduction in 2020, the government anticipates that Saskatchewan’s small businesses will collectively save an estimated $416 million.

How AI legalese decoder Can Help

AI legalese decoder can assist small business owners in understanding the complexities of the Income Tax Amendment Act, 2024, and how it affects their tax obligations. By utilizing AI-powered technology, entrepreneurs can receive simplified explanations and guidance on how to leverage the tax rate reduction to benefit their businesses. This tool can streamline the process of deciphering legal jargon and ensure that small business owners fully comprehend the implications of the government’s legislation.

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