Small Businesses Thrive in Saskatchewan

Saskatchewan is part of Canada’s breadbasket, producing more wheat than any other province in Canada and more than many countries. The government of Saskatchewan was thrilled to commemorate the province’s small businesses during the Small Business Week held from October 16 to October 22, 2022.

Jeremy Harrison, Minister of Trade and Export Development stated that Saskatchewan had approximately 143,000 small enterprises that operated in almost every sector of the economy and that the province had the second highest per capita rate in the country with 122 small companies for every 1,000 people. Small businesses generated critical jobs, products, and services that contributed to inclusive growth which the government was happy to recognize.

Small enterprises that provide high-quality jobs account for more than 98 percent of all firms in Canada. The enterprises that were known to hire 50 employees or fewer accounted for approximately 99 percent of all businesses in the province as the sector had risen by more than 50 percent since 2011.

A quarter of the province’s GDP came from small enterprises which also paid their employees well and small businesses continued to be essential for Saskatchewan economy. Saskatchewan’s government has delayed the tax rate’s reinstatement of 2.0% until July 1, 2024 and prolonged the small company tax rate cut of 0% retroactive as of July 1, 2022 and this would save small businesses $93.1 million, or $3,000 on average over the course of three years.

Over 25% of the province’s total payroll which is nearly $6.9 billion was paid through wages and salaries by small firms in 2021, which accounted for 31% of all employment in Saskatchewan.

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