Analysis of the federal budget on a provincial and community level is foremost. The Chamber was hoping to see more proposed reductions on income tax cuts for businesses. The reduction in the general corporate tax rate from 21% to 19.5% and the reduction in small business rate from 12% to 11%, while increasing the eligible amount for reduced business tax on small business from $300K to $400K though is welcomed.

Enhancements to the Immigration system is important to the provincial and community skill shortages with the influx of additional monies reducing wait times for the processing of permanent residency status. The creation of the gas tax fund will assist municipalities with financing and planning their long term infrastructure needs. The existing agricultural producer programs have further been enhanced with $20 million announced for Biofuels Opportunity for Producers Initiative. This initiative will assist farmers who are developing business plans and feasibility studies related to the Biofuel industry and to improve access to the Advance Payments Program to address the rising costs of production. Placed in trust for Saskatchewan is $240 million, to develop a full-scale commercial demonstration of carbon capture and storage in the coal-fired electricity sector with this money to be matched by the Provincial government. In contrast, the Chamber members’ expectations of the government’s extension of the accelerated capital cost allowance for manufacturers and processors can of short.

‘Combining with last fall’s Economic Statement, which addressed personal and corporate income taxes as was advocated by the Canadian Chamber of Commerce, the creation of a Tax-free Savings Account will encourage savings, a measure which the Canadian Chamber sought for many years, stated Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. Continuation of addressing this must remain high on the list of Government priorities as it is crucial to improving the quality of life of every Saskatchewan and Canadian.