The Saskatchewan government has released their budget for 2018 to 2019, which includes several measures meant to support the province’s tech and business industries.
One of the notable measures includes the Saskatchewan Technology Start-up Incentive (STSI), which will provide up to 45 percent non-refundable tax credits for individual and corporate equity investments, capped at a maximum annual benefit of $140,000 per investor.
“The Saskatchewan Technology Start-up Incentive creates an entrepreneurial ecosystem where Saskatchewan people can build their futures in a dynamic and innovative economy,” said Tina Beaudry-Mellor, Minister responsible for Innovation Saskatchewan. “This new incentive will continue to attract leading edge innovation and high-quality, high tech jobs to Saskatchewan.”
The Saskatchewan Technology Start-up Incentive launched as a two-year pilot.
To be eligible, startups must have less than 50 employees, with at least 50 percent of employees located in the province. The program launched as a two-year pilot. Speaking with the Saskatoon Star-Pheonix, Co.Labs executive director Jordan Dutchak applauded the credit for its potential to boost angel investment.
“The first round of investment a company in tech gets almost exclusively comes from friends and family or angel investors,” Dutchak told the publication.
The government also announced that an additional $250,000 is being allocated to the province’s Saskatchewan Trade and Export Partnership (STEP program), which will be targeted to programs that directly increase exports from Saskatchewan businesses.
“Over the past decade of growth, Saskatchewan’s expanded exports and new business investments here at home have given our province the second-fastest rate of job creation and one of the lowest unemployment rates in the country,” said Trade and Export Development Minister Jeremy Harrison. “This year’s budget will help to ensure Saskatchewan’s economy stays on track as we begin another decade of growth.”
Access the full budget here.
Photo via Unsplash.