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On March 23, 2011, Saskatchewan's Minister of Finance, Ken Krawetz, presented the province's 2011 budget. The budget:
These tax reductions have been proposed by the Minister of Finance in the context of a Saskatchewan budget that reflects a surplus for the upcoming year.
The budget reduces Saskatchewan’s small business tax rate from 4.5% to 2% on July 1, 2011. The province’s small business threshold remains $500,000. Its 12% general tax rate and 10% manufacturing and processing tax rate are also unchanged. The following combined federal/Saskatchewan rates will apply to December 31 year ends:
Non-eligible dividend tax rates
As a result of the small business tax rate reduction, the non-eligible dividend tax credit rate will decrease as shown in the table below.
Personal tax credit
The budget increases 2011 personal tax credits as follows:
Top personal tax rates
Top combined federal/Saskatchewan personal tax rates follow. These rates reflect the above changes and previously announced federal changes.
The budget completes the government’s commitment to reduce its Education Property Tax. It reduces mill rates in 2011 as follows: