Good News Budget Stops Short of Measures for SMEsMarch 22, 2023
Saskatoon Chamber Announces 2023-2024 Board of DirectorsMarch 31, 2023
It’s been a week of budget announcements from our Provincial and Federal governments.
The Provincial Budget focussed on addressing critical needs in health care delivery and education, the elimination of the province’s deficit, and a $1 billion paydown of the province’s debt.
One to watch: Changes to the province’s record-breaking Municipal Revenue-Sharing Program could mean good news for Saskatoon ratepayers. Saskatoon’s share will amount to $54.7 million in unrestricted funds that could offset potential increases to the city’s mill rate and utility rates.
While the Federal Budget did not address Canada’s growing deficit and debt, it focussed instead on the country’s green energy transition and tax incentives to support “net zero transformation” in carbon-intensive industries. Nuclear was highlighted in the budget, signalling a big change in how the Federal Government views the sector (from lukewarm to bold support) through measures like reduced tax rates for Zero-Emission Technology Manufacturers.
One to watch: Budget 2023 announced the federal government has secured commitments from Visa and Mastercard to lower fees for small businesses. No details yet but more to come in 2023.
The Chamber will continue to push for tax relief, incentives and targeted initiatives for the SME sector. The expansion of PST on event venues, gym/fitness memberships and construction over the last several years has undermined post-pandemic recovery and growth for many companies operating in these sectors.
Read the Saskatoon Chamber response to Provincial Budget here
Read the Canadian Chamber’s response to the Federal Budget here