Sask. finance minister finds ‘interesting’ things in federal spring economic update

On Tuesday, the federal government gave its spring economic update and Saskatchewan’s finance minister said it included some interesting things.

“Pleased to see contribution rates on CPP (lowered), I think (that) will be helpful for business,” Minister Jim Reiter commented. “Extra investment in the trades and training, I think that will be helpful.”

The update said the base contribution rate will be lowered to 9.5 per cent.

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More details were also released on Wednesday about increased money and opportunities available to entice workers into the trades. The initiative includes job-ready placements in the trades, more funding for training and an apprenticeship completion bonus.

Reiter said the province is in talks with the federal government about how to make sure Saskatchewan can access trade supports.

“You’ve heard many times, the premier, myself, my colleagues have talked about all the big projects coming on stream – there’s going to be a huge demand for the trades, so we need those training dollars,” he explained.

However, Reiter said the key part of the update was actually announced even earlier – the sovereign wealth fund. He echoed the premier’s comments earlier in the week about that, saying changes to the regulatory regime will be even more important in attracting investment in large projects and growing the economy.

According to the update, the federal government is expecting to run a $66.9 billion deficit for the fiscal year, which is less than what was first thought.

The Sask. Party government has previously touted its own interest in getting its books back to a balanced position, but Reiter said he recognizes that all governments are facing pressures right now.