The Canadian Taxpayers Federation (CTF) is asking the Saskatchewan government to permanently eliminate the provincial small business tax. .The CTF argues the tax reduction, currently in effect until June 30, should be extended indefinitely to support the recovery and growth of small businesses in the province..“Small businesses are still struggling to recover and rehire their neighbours, so they need a tax hike about as much as a farmer needs hail,” said Gage Haubrich, Prairie director of the CTF. .“The government is already on course for a near-record tax take this year and it doesn't need to tighten the screws on small businesses.”.Small businesses in Canada face different tax rates depending on the province or territory they operate in. .In 2020, Saskatchewan lowered its small business tax rate from 2% to 0%. However, the temporary tax relief will end on June 30, when the rate will increase. .Manitoba has a permanent small business tax rate of 0%, while Alberta's NDP proposes eliminating that province's small business tax altogether. .The federal small business tax rate is 9% for all Canadian-controlled private corporations, regardless of location..The average small business benefited by $6,100 per year from the tax cut, with the total savings for small businesses in the past three years being $189 million..The government collected a windfall corporate income tax in 2022, which was much higher than expected. The small business taxes would only represent 8% of the windfall corporate income tax the government collected last year..“Small businesses create jobs and help drive the economy,” Haubrich said. .“Instead of raising this tax and hurting business owners, the government needs to scrap it completely.”
The Canadian Taxpayers Federation (CTF) is asking the Saskatchewan government to permanently eliminate the provincial small business tax. .The CTF argues the tax reduction, currently in effect until June 30, should be extended indefinitely to support the recovery and growth of small businesses in the province..“Small businesses are still struggling to recover and rehire their neighbours, so they need a tax hike about as much as a farmer needs hail,” said Gage Haubrich, Prairie director of the CTF. .“The government is already on course for a near-record tax take this year and it doesn't need to tighten the screws on small businesses.”.Small businesses in Canada face different tax rates depending on the province or territory they operate in. .In 2020, Saskatchewan lowered its small business tax rate from 2% to 0%. However, the temporary tax relief will end on June 30, when the rate will increase. .Manitoba has a permanent small business tax rate of 0%, while Alberta's NDP proposes eliminating that province's small business tax altogether. .The federal small business tax rate is 9% for all Canadian-controlled private corporations, regardless of location..The average small business benefited by $6,100 per year from the tax cut, with the total savings for small businesses in the past three years being $189 million..The government collected a windfall corporate income tax in 2022, which was much higher than expected. The small business taxes would only represent 8% of the windfall corporate income tax the government collected last year..“Small businesses create jobs and help drive the economy,” Haubrich said. .“Instead of raising this tax and hurting business owners, the government needs to scrap it completely.”
