Two of the measures included in the Four-Point Affordability Plan that were revealed earlier this year will be put into effect by the Income Tax (Affordability) Amendment Act, 2022, which was introduced today.
Residents of Saskatchewan who filed a tax return in Saskatchewan for the 2021 tax year and were 18 or older on December 31, 2022, will get a one-time $500 check. The Saskatchewan Affordability Tax Credit is intended to assist Saskatchewan people with increased expenses due to inflation. It is anticipated that the first cheques would be issued the week of November 14th, 2022.
Retroactive to July 1, 2022, the reduced tax rate for small businesses of 0% will remain in place thanks to the amendments, and the rate increase to 2% will be postponed until July 1, 2024. Extending the tax rate cut will result in an additional $93 million in savings for small businesses over the following three years. This programme will assist around 31,000 incorporated small businesses.
For additional information, visit Saskatchewan Government News and Media.