On Dec. 10, CAN SSK PRL issued bill amending tax credit amounts.
CAN SSK PRL reported Bill 1, The Saskatchewan affordability act, received assent.
Amends The income tax act, 2000 (CAN SSK I-2.01); related amendments to others.
Bill Provisions
Introduces Saskatchewan Home Renovation Tax Credit which provides eligible home-owners to claim non-refundable 10.5% provincial tax credit on eligible renovations.
Amended first-time homebuyers' credit, set amount to be used in calculation as $10k.
Small business tax rate being held at 1% rather than reverting to 2% on Jul. 1, 2025.
Saskatchewan low-income tax credit increased by 5% per year, for the next four years.
Legislative History
On Dec. 2, 2024, held bill first reading; on Dec. 5, 2024, held bill second reading.
On Dec. 5, 2024, held bill third reading; on Dec. 10, 2024, bill received royal assent.
Effectiveness
This Act comes into force on Jan. 1, 2025.
Regulators
CAN SSK PRL
Entity Types
CNSM; Corp; MG Orig
Reference
Bill 1, 12/10/2024; Income Tax Act; Citation: CAN SSK I-2.01;
