Saskatchewan (SK) Budget 2023 Highlights for Business Grants, Loans, and Tax Credits
Released on March 22, 2023, the Saskatchewan (SK) provincial government’s 2023-24 budget is titled “Growth That Works for Everyone” and has a focus on investing in key areas to support economic growth and recovery from the pandemic. With total spending of $17.5 billion, up 4.7% from the previous year’s budget, there is a projection of a $1-billion surplus for 2023-24.
Want to learn more about other provincial and federal budget updates from 2023? Check out our 2023 budget highlights page for a collection of reviews.
The Saskatchewan Budget 2023-24 includes notable investments to healthcare, education, skilled trades, infrastructure, tax reduction for small businesses, tourism, agriculture, and support for economic development. These investments show a significant move towards supporting growth, in part due to Saskatchewan’s population increasing by 29,307 to 1,214,618 people in 2022, according to a recent report by Statistics Canada. It is the largest single-year increase in population for Saskatchewan since 1914.
Overall, the government of Saskatchewan aims to support infrastructure projects, job creation, export expansion, and innovation in the province to build a strong foundation for growth while also addressing ongoing economic challenges.
“This budget is about more people, more jobs, and more opportunities. More doctors, more nurses, and more surgeries. More students, more schools, and more affordable childcare. More support for seniors, for young people, and for people with disabilities. Safer families and safer communities. A growing economy, a brighter future, and a growing province whose best days are still ahead. That’s growth that works for everyone.”Donna Harpauer, Deputy Premier and Finance Minister
Investing in Infrastructure
Saskatchewan is securing their infrastructure for years to come with investments in projects across the province. These investments will focus primarily on transportation and municipality infrastructure to prepare the province for a growing economy and population in the future.
“A growing province and economy require infrastructure that meets the needs of today and supports future development. We are investing a record amount of more than $3.7 billion this year and are projecting nearly $15.2 billion more over the next four years, putting us firmly on track to meet our Growth Plan goal of investing $30 billion in infrastructure by 2030.”Donna Harpauer, Deputy Premier and Finance Minister
- Over 1000 kilometers of highways will be upgraded across Saskatchewan with $1.8 billion in transportation infrastructure spending over the next four years ($442.9 million in the 2023-24 Budget);
- The Government of Saskatchewan has provided $19.7 million to fulfill a five-year, $100 million plan for improving road safety with additional turning lanes, streetlights, flashing warning lights, rumble strips, crosswalks, and improvements to sightlines as part of its commitment to road safety;
- To support the expansion of the forestry industry in the province, $6 million is being invested in the preservation and maintenance of northern roads; and
- Rural and urban municipalities will benefit from $20.6 million in capital grants through the Urban Highway Connector Program for economic development and safety.
- As part of various programs such as Investing in Canada Infrastructure Program, Canada Community-Building Fund (CCBF), and others, $348.1 million was allocated to municipalities; and
- To make life better for Saskatchewan families and communities, the Growth Plan committed to sharing $2.5 billion in revenue by 2030 through Municipal Revenue Sharing.
If your municipality is interested in learning more about the government funding opportunities available in Canada today, please visit our Canadian municipality funding directory for a comprehensive list of top programs.
Educating The Future Workforce of Saskatchewan with Training Grants
Saskatchewan Budget 2023 includes funds to ensure the future workforce of this prairie province is well-educated and prepared to contribute to the future economy. This goal is supported with investments in educational facilities, staff, and more.
- There will be an investment of approximately $344 million over the next four years, which will be used to develop postsecondary education infrastructure to support the growth of the future Saskatchewan talent pool;
- Funding for the Health Human Resources Action Plan to recruit, train, incentivize and retain healthcare workers includes over 550 new training seats as part of an investment of $12.4 million in equipment;
- There will be a $6 million investment in the planning and design work for the campus renewal project at Saskatchewan Polytechnic in Saskatoon;
- $8.7 million is allocated to the University of Saskatchewan to upgrade its electrical infrastructure to be ready for the coming decade; and
- There will be a total investment of $4.0 million for the renovation of the Dental Clinic at the University of Saskatchewan.
Healthcare Funding Programs
Saskatchewan Budget 2023 is also investing a significant amount of money in their health system with projects designed to improve hospitals and other healthcare facilities.
- $207.1 million will be used to provide capital support for major capital projects, including the redevelopment of several hospitals in Regina and Saskatoon, as well as the establishment of urgent care centres in both cities; and
- There will be an investment of $71.5 million for the rehabilitation and maintenance of healthcare facilities, as well as an additional $59 million invested in Information Technology projects and medical equipment to be used in these facilities.
Investments are being made in community-oriented projects that see funding allocated to the arts, parks, and necessary water facilities to ensure the province is improving community spaces and promoting a healthy life balance.
- The Creative Saskatchewan Production Grant Program will receive an additional $2 million to fund film and television productions, bringing the total amount allocated to the program $12 million;
- Throughout the parks system, $12.3 million will be spent on capital improvements, including new campground service centers, group pavilions, upgrades to water systems, and major road improvements; and
- To expand the number of irrigable acres in Saskatchewan, $85.6 million has been allocated for various dam projects, water supply channel projects, and irrigation projects.
Investments in critical mineral projects will also ensure that businesses in the sector are poised to continue their processing of the minerals necessary to a variety of sectors across Canada and worldwide.
- $4 million is allocated to expand the Targeted Mineral Exploration Incentive program, which is intended to include exploration drilling for all hard-rock minerals as well as increasing the funding limit for the development of these emerging commodities;
- Approximately $725,000 will be dedicated to improving the exploration permit application process as well as reducing existing mining and other sector wait times; and
- A $2.4 million project aims to improve geoscience data used by exploration companies with the intention of providing better information to explorers and stakeholders as they evaluate new projects. This will give geoscientists the opportunity to compile and analyze larger amounts of data.
Agriculture Funding Programs
Agriculture projects will receive new funding intended to support businesses in the agriculture sector as they transition to more sustainable business practices that prepare the province for an efficient and environmentally friendly future.
- There were $89.8 million allocated for strategic initiatives, which included a record $38.0 million allocated for agricultural research and innovation. The Sustainable Canada Agricultural Partnership will be launched this year and continue for five years. Saskatchewan Budget 2023 includes funds to finalize program components prior to launch; and
- In addition to Crop Insurance and AgriStability, $408 million in funding is included for a suite of federal and provincial risk management programs.
Saskatchewan Tax Updates
The Saskatchewan government has outlined some updates to taxes for residents and businesses operating out of the province. Please read this excellent Ryan Tax Alert update for a comprehensive review.
More Government Funding Opportunities for Businesses
We have compiled a comprehensive government funding directory for businesses located in Saskatchewan who are interested in learning more about government funding opportunities for both federal and provincial grants, loans, wage subdies, and tax credit programs.
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