Government of Saskatchewan ministries, Crown corporations and organizations are implementing contingency plans to minimize the impacts of postal service disruption.
Les ministères, sociétés d’État et organismes du gouvernement de la Saskatchewan mettent en œuvre des plans d’urgence (en anglais) visant à réduire les répercussions de l’interruption du service des postes.
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Released on November 5, 2013
Government Will Introduce Necessary Amendments to The Income Tax Act, 2000
Today the Government of Saskatchewan announced it will maintain the current provincial tax framework for credit unions for the 2013 tax year, and introduce necessary amendments to The Income Tax Act, 2000 during the spring session of the Legislature.
“Credit unions play a major role in financing small- and medium-sized businesses in our province,” Finance Minister Ken Krawetz said. “They provide financial services to more than 500,000 Saskatchewan people and help our economy grow.”
The 2013 Federal Budget announced changes to the income taxation of credit unions, phasing out the federal special tax reduction for credit unions over five years, beginning in 2013. As a result, provincial income tax legislation needs to be amended. At this time, Saskatchewan’s credit unions have estimated that the tax provision decreases their provincial corporate income tax by about $7.6 million.
For the 2013 tax year, credit unions will continue to be eligible for the provincial small business tax rate to be applied to income in excess of the $500,000 small business income threshold.
As of June 2013, there were 55 credit unions operating 297 branches in 264 Saskatchewan communities.
“As part of our commitment to fiscal responsibility our government must carefully review and analyze any potential changes to revenue from provincial taxes,” Krawetz said. “A more comprehensive review of all factors, including the tax reductions for credit unions, must be examined in preparing the province’s financial plan.”
A decision on the tax framework for 2014 and subsequent taxation years will be made in the 2014-15 Provincial Budget.
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For more information, contact:
Jeff Welke
Finance
Regina
Phone: 306-787-6046
Email: jeff.welke@gov.sk.ca
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