Saskatchewan - 2009 Budget

Here is a synopsis of the Saskatchewan provincial budget that was tabled on March 18, 2009:

The budget contained little in the way of income tax changes.

Federal LSVCC
Effective for the 2009 taxation year, the LSVCC tax credit for an investment in a nationally-registered LSVCC will be increased from 15% to 20% of the amount invested, subject to a maximum annual investment limit of $5,000 (previous limit $3,500).

Dividend Tax Credit
As a result of the proposed change in the gross-up of dividends beginning in 2010, the provincial DTC rate will be maintained at 11% of the actual amount by changing the legislation to calculate the credit at 36% of the gross-up for 2010, 37.83% for 2011, and 39.95% for 2012.

Saskatchewan R&D Tax Credit
The existing non-refundable R&D Tax Credit will become refundable for qualifying expenditures occurring after March 19, 2009.