Business Development Incentives: City of Saskatoon Business Development Incentive
No fixed amount
Tax Credit
Description:
Administered by SREDA, the City of Saskatoon established tax abatement incentives to encourage the attraction and expansion of businesses to facilitate investment and long-term job creation.
These Business Development Incentives may include exemptions or reductions of city taxes or fees, waiving of utility deposits and down payments on land, and exemptions or reductions of prepaid servicing levies.
Comments on Funding:
All eligible businesses may qualify for a tax abatement of up to
100% of new or incremental taxes in year one, 80% in year two,
70% in year three, 60% in year four, and 50% in year five.
Continuous Intake
Eligibility:
Applicants must:
1. be a legal entity registered to do business in Saskatchewan
2. Be involved in energy, oil and gas, mining, manufacturing, processing, technology, transportation and logistics, telecommunications, or data processing
3. Demonstrate that a minimum of five new full-time positions will be created within one year for existing businesses, and a minimum of 15 new full-time positions within three years for new businesses
4. Invest a minimum of $500,000 in plant, land, and/or leasehold improvements
5. Possess the required financial resources to complete the project
6. Be the legal owner of the property or provide a copy of the lease agreement upon application
Application Steps:
Applicants must submit the following before an application can be processed:
1. Business plan/executive summary that includes a clear and concise description of the new expansion project, the number of full-time jobs to be created, the size of investment made for land, buildings, and/or leasehold improvements
2. Copy of blue prints for the new building, expansion, or renovations
3. Recent financial statements or letter from the bank indicating that the applicant has the financial resources to complete the project
4. A current payroll list (including names, positions, and full-time equivalents)
5. If the applicant is not the legal owner of the property for the planned build or expansion, provide a copy of the lease agreement upon application
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
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Maurice
