Resolution

Department: Saskatchewan Ministry of Finance

WHEREAS Credit Unions play a key role in providing financial services in 264 communities around the province and provide $2.0 billion in loans to agriculture;

WHEREAS the federal government implemented tax changes in the 2013 budget that will cost Credit Unions $205 million over the first five years of the changes;

WHEREAS the provincial tax regime typically mirrors the federal which would lead to a 14% increase in tax or a further $10.6 million in Saskatchewan;

WHEREAS Credit Union Central of Saskatchewan has requested the provincial government to maintain the existing tax regime for credit unions;

WHEREAS on November 4, 2013 the provincial government announced that taxes would not be increased in the current year and that a decision on future years would be made in the 2014-15 budget;

BE IT RESOLVED that the provincial tax regime for credit unions remain unchanged.