Saskatchewan Finance Minister Ken Krawetz introduced Saskatchewan’s 2015 Provincial Budget on March 18th. Saskatchewan’s 2015-16 budget projects a $107 million summary budget surplus, becoming the second province this year to table a balanced provincial budget.
Despite facing declining revenue projections for 2015, Minister Krawetz introduced a balanced budget without any tax increases. The budget increased spending by 1.2 percent overall and most increases were once again focused on the Wall Government’s key priority areas: healthcare, education, infrastructure, and economic growth. The budget contained a 4 year - $5.8 billion capital plan to fund core infrastructure projects. $1.3 billion will be invested in infrastructure projects in 2015-16, with the province borrowing $700 million to fund the plan.
While no reductions to personal income taxes were made in the 2015 budget, indexation of Saskatchewan’s PIT brackets took effect on January 1st, 2012 saving tax payers in the province money on an annual basis.
Budget Highlights include:
- No tax increases and no changes to personal, property, education, or business taxes.
- No reduction to corporate taxes despite the government’s plans to reduce the rate to 10 per cent by 2015-16.
- $700 million will be borrowed to fund infrastructure investments.
- The Active Families Tax Benefit ($150/child) will now only be available to families with combined net incomes up to $60,000.
- No mention of an increase to the province’s minimum wage.
RCC will continue pressing the government to take action on the key priorities outlined in RCC’s “Retail’s Election Agenda” including lowering payroll costs, implementing cost effective waste diversion, and harmonizing to reduce the regulatory burden on retailers.
If you have any questions or concerns, please don’t hesitate to contact: Lanny McInnes, Director (Prairies) at: [email protected] or (204) 253-1654