Saskatchewan’s government announced the strong economy and higher resource prices improved the province’s financial picture, allowing for a one-time $500 “affordability cheque” to all residents and paying down about $1 billion in provincial debt..“That means we can balance the budget, pay down debt, and help Saskatchewan residents with the rising cost of living. That’s growth that works for everyone,” said Deputy Premier and Finance Minister Donna Harpauer as she released the first quarter financial update..The province is expecting a surplus of $1.04 billion for 2022-23, which is a $1.5 billion improvement from the 2022-23 budget..The revenue increase comes largely from higher revenue from non-renewable resources..Harpauer announced the four-point affordability plan, which included the $500 cheque, $1 billion in debt reduction, extended the small business tax reduction, and keeping health memberships and kids’ activities PST free. .“Strong resource prices have meant higher provincial revenues, and that’s good news, but it also means the cost of almost everything you buy has gone up,” said Harpauer..“That’s why our government is using those higher revenues to help Saskatchewan people with the rising cost of living.”.READ MORE Moe announces a $500 'affordability cheque' for Sask residents.For some businesses, the changes will require more work by the business. For example, originally all bowling fees would have PST added starting October 1. With today’s changes, only PST will be charged on individuals 18 and older. Businesses who never used to have to card people for their age are now forced to check the ages of their clients..The requirements for the $500 cheque are 18 years old and older as of Dec. 31, 2022, and filed a 2021 Saskatchewan tax return..The $1 billion in debt reduction means an additional $50 million of operating income in future years based on the loan interest saved..Harpauer said that Saskatchewan could have the highest economic growth of any province..“Our economy is strong and growing,” Harpauer said. “Saskatchewan is poised to lead the provinces in economic growth in 2022, according to private sector forecasts and there have been nearly 24,000 new jobs created in the first seven months of 2022.”.Harpauer talked about the growth across many industries, not just the natural resources sector..“So far in 2022, Saskatchewan is experiencing growth in wholesale trade, international goods exports, manufacturing sales and investment in non-residential construction that is among the highest of all provinces,” said Harpauer..Our province’s unemployment rate decreased from an average of 7.3% in the first seven months of last year to 5% in the first seven months of this year, third lowest among the provinces.”.“Saskatchewan is truly back on track.”.The NDP disagrees with Saskatchewan being “back on track.”.NDP Finance Critic Trent Wotherspoon said the provincial government is “treating citizens like rubbish” as it “hid the higher revenue from Saskatchewan residents.”.Wotherspoon said the “$500 affordability cheque is not fair” as it does not include children and used a couple compared to a single mom for an example.”.“A couple with no kids gets more than a single mom with three kids,” said Wotherspoon..The media asked Wotherspoon what the NDP would do differently with the budget surplus..The “NDP would not bring forward new taxes and fees and a suspension of the fuel tax,” said Wotherspoon. .Wotherspoon said with the “windfall revenues. There could be meaningful relief over the long term” and it “fails on expenses, health, and education.”
