Tax changes recommended to keep province competitive

The Saskatchewan Chamber of Commerce along with realtors, accountants and others released a report chaired by Jack Vicq that recommends a number of tax reductions to boost Saskatchewan's competitiveness.

Steve McLellan, the CEO of the Saskatchewan Chamber of Commerce says, “This is the first Saskatchewan tax review of this magnitude to be business led, but with a broad focus on the benefits to individuals, families and property owners.”

Vicq's the man behind the two biggest tax changes in Saskatchewan the past decade. Now, he serves as the Saskatchewan director of the Canada West Foundation.

He is recommending seven different changes in the current tax structure, which include continuing plans for education property tax, changing the property assessment cycle and moving to a dual rate personal income tax structure. For all of Vicq’s recommendations, click HERE.

The report states because there is neither the political will nor public support for harmonization it recommends reducing the corporate income tax rate and the small business rate at this time. But also adds the government should monitor the impact of harmonization in B.C. and Ontario.

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The whole mix of tax changes would cost the government about $1 billion over a decade, which is the same amount of the tax changes introduced by the Calvert and Wall government combined over the past decade. But it would be offset by what the group says would be the economic benefits of these changes.

Without making these changes, Vicq worries what impact it would have on the province.

The government has been briefed on the report's findings and says it wants to look further at the details of each recommendation. Finance Minister ken Krawetz stresses that the public can expect the recommendation on education property tax to still go ahead in the next budget.