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The CEOs of both the Regina and Saskatoon chambers of commerce say they’re pleased with where the Saskatchewan small business tax sits this year.
The 2024-25 budget that was tabled by the province on Wednesday revealed that the reduction in Saskatchewan’s small business tax – to one per cent – will be extended until June of 2025.
In 2020, the small business tax was lowered from two per cent to zero per cent, but was bumped up to one per cent in July of 2023.
Tony Playter, the CEO of the Regina Chamber of Commerce, said this year’s budget focuses on growth and stability.
He told Thursday’s Greg Morgan Morning Show that keeping the tax at one per cent will provide a “boost” for small businesses that are currently struggling.
Jason Aebig, the CEO of the Greater Saskatoon Chamber of Commerce, was also content with that number, noting the province is still relatively competitive with Manitoba and Alberta.
Aebig said it’s clear the province went “all in” on high-priority investments such as $7.6 billion for health care and a $3.3-billion investment for education.
He called those investments good news, but added he was hoping to see more measures that specifically targeted the province’s small business job creators.
“Unfortunately in this budget there wasn’t anything left for them,” he said, adding in some ways the budget is status quo for small businesses.
“The average business owner is going to have to wait another budget cycle to see if there are measures next time to help them access capital, cut costs and grow.”
Aebig said the chamber has teed up several specific ideas such as the removal of PST on construction projects, a new investment fund for startup tech companies, and a small business rebate for the impacts of property damage due to vandalism.
Aebig said the chamber will keep beating the drum and pushing these ideas, and hopes they will be included in next year’s numbers.
“We need to take care of those small and medium-sized businesses because they’re the ones that employ the most people (and) they’re the ones that generate the most incomes,” he said, adding those enterprises make up about 90 per cent of Saskatchewan’s economy.
Playter echoed that the removal of PST on new construction projects would’ve been helpful and is also something the chamber will continue to lobby for.
Capital projects to boost Saskatchewan economy
Capital projects for hospitals, schools, roads and infrastructure totaled $4.4 billion in this year’s budget, making it an all-time high investment from the province.
“If we look at it from a high level, the investment in capital projects in hospitals and roads not only helps the communities they’re being built in but overall it helps our Saskatchewan economy with jobs and economic spinoff,” Playter said.
Although a new arena for the city was not included in this year’s budget, Playter still advocates for one.
“Anything that we can do to diversify and brighten up our downtown would be fantastic,” he said.
Playter said that project would be possible with investments from federal, provincial and municipal governments, something that was recently done with the announcement of a new aquatic facility with geothermal heating in Regina.
