Small Business Unplugged

Saskatchewan business owners a bit more upbeat due to tax breaks announced in the April provincial budget. The new provincial budget will lower corporate income tax rates to 12 per cent from 17, increase the small business tax threshold to $500,000 from $300,000 and phase out corporation capital tax by 2008.

The elimination of the Capital Tax will put Saskatchewan at the same level as BC and Alberta with no Capital Tax come 2008. Plus raising the small business tax threshold to $500,000 will save $10,000 in small business taxes (5% in Saskatchewan). (calculation: $500,000 earnings X 5% = $10,000)

That is $10,000 of cold hard cash that normally would go to the Saskatchewan Government that can now be put to use in the business.

• Inflation: Alberta's Loss is Saskatchewan's Gain
• OECD says Canada Growing Re-Orientation Needed
• Business Taxes: Blog [Page 61] - Business Exchange
• Non-Residential Building Permits Up 25% in Alberta and Saskatchewan
• smallbizunplugged: Advantages of Business Incorporation in Canada
• Nafta put the Shata to Canadian Softwood
• How the Canada Small Business Financing Loan Program Can Help You Start or Grow Your Business
• Seen that? - Saskatchewan Business Tax Revamp Improves Outlook
• Canadian Economics: Is Saskatchewan the New Alberta?
• The Personal Finance Weblog: Small Business Taxes

This entry was posted on Tuesday, July 11th, 2006 at 8:27 am and is filed under Economic Outlook, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.