Underused Housing Tax: Impacts to Canadians and Non-Residents
Tax AlertProperty owners with vacant homes in Canada should be aware of the new underused housing tax (UHT), which came into effect on January 1, 2022.
Finance Minister Donna Harpauer tabled Saskatchewan’s 2023-24 budget (SK Budget 2023) on March 22, 2023.
SK Budget 2023 estimates a surplus of $1.147 billion for the 2022-23 fiscal year, compared to a $463 million deficit projected in the previous budget.
Fiscal projections for the next four years are as follows:
| Year | Projected surplus (deficit) |
| 2023-24 | $1,017 million |
| 2024-25 | $208 million |
| 2025-26 | $134 million |
| 2026-27 | $101 million |
Key insights include:
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No changes to the corporate or personal tax rates, or the $600,000 small business limit.
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A previously announced increase to Saskatchewan’s small business rate to 1% on July 1, 2023, returning to 2% on July 1, 2024.
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An extension to the Manufacturing and Processing Exporter Tax Incentive by one year to December 31, 2023.
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An increase to the Saskatchewan Mineral Exploration Tax Credit rate to 30% (from 10%) to stimulate investment in mineral exploration activities.
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Other notable items such as significant investments in health care, child care, education, Indigenous businesses and enhancements to social services, and assistance benefits.
Visit our Budget 2023 hub to learn more about all federal and provincial budgets.
Disclaimer
The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Doane Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.
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