Saskatchewan has unveiled its ten-year investment strategy that includes new tax incentives for critical mineral projects.
Trade and Export Development Minister Jeremy Harrison addressed a group of business leaders, highlighting the impressive growth in private capital investment within the province—nearly 25% last year with an anticipated increase of over 14% this year.
“We’re going to be talking about why Saskatchewan is the right place in the world to invest. We’re really highlighting the strengths we have in the natural resource sector and also highlighting the strengths we have on the policy front (and announcing) new incentives, in addition to a host of existing incentives,” said Harrison.
The strategy’s cornerstone is a generous 25% tax credit for commercialization projects involving critical minerals, complemented by a 15% tax credit for new investments in critical minerals processing.
These incentives are part of a broader effort to position Saskatchewan as a global investment destination, particularly for the natural resource industry.
“The reason for it is because our government works very closely with our stakeholders, community leaders, municipalities and business leaders to make sure we have the right policy environment in place so there’s a comfort level in making a very large investment in the province,” said Harrison.
The Saskatchewan government has also launched a new investment website showcasing the province’s offerings and potentially attract international investment into the province.
Harrison also announced the extension of two existing incentives—the Oil and Gas Processing Investment Incentive and Saskatchewan Petroleum Innovation Incentive—until 2029.
Additionally, the province is doubling its annual tax credit cap for startups in eligible technology fields from $3.5 million to $7 million and broadening the eligibility criteria to include clean technology ventures.
Saskatchewan will also set up a new Multi-later Well Program to fund sustainable drilling technology for the oil and gas sector.
