Saskatchewan is poised to lead the provinces in economic growth in 2022. According to private sector forecasts, there have been nearly 24 thousand new jobs created in the first seven months of 2022. While many expect other jurisdictions to fall into a recession, the Conference Board of Canada has projected Saskatchewan to be a leader in economic growth among the provinces.
The first quarter financial update forecasts a surplus of $1.04 billion, largely due to higher revenue from non-renewable resources. That’s a $1.51 billion improvement and will allow our government to move forward on our Plan for Growth.
Our government has introduced a four-point affordability plan to address the rising cost of living.
First, all Saskatchewan residents 18 years of age and older who have filed a tax return this year will receive a one-time $500 Saskatchewan Affordability Tax Credit cheque this fall.
Second, we are removing the PST from fitness and gym memberships and other recreational activities from the planned October PST expansion on admissions, entertainment and recreation. PST will not be charged to residents under 18 years of age participating in recreational activities such as golf, curling, hockey or similar sporting events.
Third, we will extend the small business tax rate reduction at 0 per cent retroactive to July 1, 2022 and delay the restoration of the rate to 2 per cent to July 1, 2024. This decision will support businesses as they continue to recover from the pandemic with an average savings of $3,000 for each small business.
Finally, we will retire up to $1 billion in debt. The province’s projected surplus provides the ability to retire up to $1 billion in debt, meaning the province will no longer need to borrow for operations due to our improved financial position. This will save $49 million in interest costs which can be re-invested in our province.
Helping Saskatchewan people through a time of higher costs while making fiscally responsible decisions strikes the right balance. That’s growth that works for everyone.
This four-point plan is in addition to affordability support already announced. Support like the reducing child-care fees by 70 per cent compared to March 2021. This will bring us closer to our $10-a-day child care goal by 2025-26. We have provided school divisions across the province with a one-time investment of $20 million to assist with rising fuel and insurance costs for the 2022-23 school year. Seniors will benefit from changes to the Seniors Income Plan. The maximum monthly benefit will increase by $30 per month to $330 for singles and $295 per month for each pensioner in a married, two-pensioner household.
We believe in fiscally responsible governance that is sustainable. Thanks to the hard work of Saskatchewan people and our expanding business sector, we will continue to lead the country. We are committed to building a stronger province that will improve the lives of everyone who calls Saskatchewan home.
You can nominate someone who has made a significant contribution to society for the Queen Elizabeth II Platinum Jubilee Medal. The award was created to celebrate the 70th anniversary year of Her Majesty Queen Elizabeth II’s Accession to the Throne. To find out more, visit Saskatchewan.ca/honoursawards. Nominations are open until October 31, 2022, and you can contact my office for assistance.
If you have any questions about our programs or need some assistance with government services, please get in touch with my office. We can be reached by phone at 306-922-2828, email us at pacarltonmla@sasktel.net or stop by the office at Bay 4, 406 South Industrial Drive in Prince Albert.
