Saskatchewan can now boast the highest income threshold in Canada. As of the beginning of this new year, the small business threshold was increased to $600,000 from $500,000.
Also, individual taxpayers will continue to have lower personal income tax rates — which were introduced in July, 2017.
Steve McLellan is the CEO of the Saskatchewan Chamber of Commerce.
He says the current race for a new leader of the Saskatchewan Party certainly has opened people’s eyes about the potential of Saskatchewan business.
“These candidates have all been out around the province,” McClellan said. “They have had extensive conversations with business people and individuals, teachers and health professionals – you name it. That has not happened in a very long time with this government.”
McLellan says the small business threshold increase will have a positive effect.
“The cumulative effect of those companies, instead of having to stop at the 500-thousand dollar mark and worry about not going over so they didn’t have to pay a higher tax rates,” McLellan said. “They can now feel more comfortable. They can earn more money, generate more income and again, pay a far tax. But not a crippling one.”
Mclellan says businesses in the province don’t necessarily focus on politics like the media and even the Chamber of Commerce.
“There’s no question that Saskatchewan is still moving forward,” McLellan said. “I think we’re on a bit of a plateau in many ways. But the reality is, the general business population – they’re worried about their businesses and doing good things. And they are doing great things in that business world.”