Resource wealth, innovative technologies and a competitive business environment – Saskatchewan has what the world needs. Saskatchewan is Canada’s second largest oil producer and one of the world’s largest suppliers of uranium. It is the world’s leading potash producer and one of the top exporters of wheat and pulse crops. Built on this rich resource base are world-class technologies in biotechnology, crop sciences and carbon capture and storage, to name a few. In the past few years, Saskatchewan has created one of the most competitive business environments in North America.
Saskatchewan is a vast province – home to almost half of Canada's total cultivated farmland and the centre of Canadian crop production. In addition to agricultural exports of $11.7 billion in 2013, the province is gaining worldwide attention for its wealth of minerals and energy resources, cutting-edge research centres spawning high-tech industries, and rapidly expanding manufacturing sector. While other economies have struggled in the past several years, Saskatchewan has broken records in almost every area: investment, population and employment growth, to name a few. Because the world wants what Saskatchewan produces, exports have tripled in the past decade.
- Second highest economic growth (GDP) in Canada in 2013.
- AAA credit rating from both Moody’s and Standard & Poor’s – the highest rating possible.
- Government incentives for natural gas drilling and new oil wells, a crude oil refining capacity of approximately 109,000 barrels per day, an asphalt refiner, 2 heavy oil upgraders with a combined capacity of approximately 137,000 barrels per day, and 5 ethanol producers.
- Recognized worldwide as leaders in precision dryland farming technology.
- One of Canada’s lowest corporate income tax rates for manufacturers and processors – as low as 10% for qualifying companies – and royalty rates among the lowest in Canada.
- Innovative manufacturers collaborating to build leading-edge technology such as continuous mining equipment for the potash industry and remote-controlled underground mining equipment for the uranium industry.
- Recognized as a world leader in agricultural biotechnology and life sciences, with a research cluster that includes the Canadian Light Source synchrotron and Innovation Place research parks.
- Second largest oil-producing province and third-largest natural gas-producing province, making the oil and gas industry one of the largest contributors to the provincial economy with over $1.6 billion in revenue in 2013-14.
- A world leader in carbon capture and storage, with expertise in enhanced oil recovery.
- The province’s power utility, SaskPower, is undertaking one of the world’s largest carbon capture and storage projects; the project is one of the first to develop and demonstrate carbon dioxide capture at a coal-fired power generation plant on a commercial scale.
- World’s largest potash industry, accounting for half of known global reserves.
- Home to the world’s largest uranium-producing company and the world’s richest uranium deposits, Saskatchewan currently provides one-fifth of the world’s production.
- Athabasca Basin in northern Saskatchewan boasts the highest-grade uranium deposits in the world.
- Saskatchewan has one of the world’s largest diamond-bearing kimberlite fields, which has led to extensive exploration and drilling for diamonds.
- Over half of Saskatchewan is forested, representing 34 million hectares; the Commercial Forest Zone is 11.7 million hectares, of which 5.3 million hectares is available for commercial timber harvesting.
- 190,000 km highway and road network; CN and CPR intermodal terminals connect to the U.S. and both eastern and western Canada.
- Job tenure in Saskatchewan is consistently the best in Canada – exceeding the national average by almost 10 per cent in 2012 – resulting in lower costs to hire and train new staff.
- Saskatchewan has a young, well-educated workforce.
- Over half of the province’s workers have a post-secondary diploma, certificate or degree.
- Multicultural workforce is able to serve customers in many languages.
Manufacturing and Processing Profits Tax ReductionSaskatchewan-based manufacturing and processing firms can have their corporate income tax (CIT) rate reduced to as low as 10% depending on their allocation of income to Saskatchewan. For additional information and contacts, please visit Saskatchewan Manufacturing and Processing Profits Tax Reduction.
Research and Development Tax CreditThe Research and Development Tax Credit encourages research and development activity in Saskatchewan. The 15% credit is fully refundable for Canadian-controlled private corporations (CCPCs) up to an expenditure limit of $3 million for qualifying R&D expenditures incurred in Saskatchewan. For amounts in excess of the expenditure cap, or for non-CCPCs, the credit is non-refundable and can be applied against Saskatchewan CIT owed in the subsequent 10 years. Activities such as operations research, engineering or design, and computer programming, are generally eligible if they are undertaken directly in support of basic or applied research or experimental development. This program complements the federal Scientific Research and Experimental Development program, which offers up to a 35% tax credit based on the same criteria. For additional information and contacts, please visit these sites:
Saskatchewan Petroleum Research IncentiveThe Saskatchewan Petroleum Research Incentive is intended to encourage research, development and demonstration of new technologies that facilitate the expanded production of Saskatchewan’s oil and natural gas resources. Credits towards the remission of royalties and taxes are available for 50 per cent of eligible research costs directly involving the Petroleum Technology Research Centre (PTRC) (maximum of $1 million per project), plus 30% of any remaining costs directly involving the PTRC and all other eligible research costs (maximum of $3 million per project). For more information, visit Saskatchewan Petroleum Research Incentive.
- Agriculture (Primary and Value-added)
- Energy (Oil, Natural Gas, Alternative Energies and Biofuels)
- Life Sciences and Biomass
- Supply Chain