The City of Swift Current has introduced two tax incentive policies to help encourage growth and development in the community. 

The Commercial Tax Exemption Policy is an amalgamation of two pre-existing policies, where the term and applicable percentage differed between an existing and a new business. 

Denise Wall, business development and tourism officer for the City, explained that it’s been revised to shorten the term and set the same percentage for exemption to both existing and new businesses. 

“We just put them together under one and simplified them slightly and moved the abatement up a little bit to the first three years,” she said. "It is now a policy that allows for a tax exemption of three years at 100 per cent. And that is on the increased assessment of the property, either by expansion or a new building. The incentive does not include base taxes or levies, but we think it's very encouraging.” 

Individuals will have to apply for it at the time of getting a building permit for either an expansion or new building, and each application will still require Council approval.  

The second incentive is something the City has not offered previously and is excited to announce to community members. 

The Residential New Build Tax Incentive Policy was recently developed to reduce the cost burden of building a new home. It also allows a financial incentive for the first three years at 100 per cent of the increased assessed value of a residential property. 

“We have been stagnant [in growth], but we're hoping that with things slightly changing, and then as long as we can put some things in place to kind of encourage that new growth, we just felt like that was the first step to providing that base for anyone who wants to come in and either start a business or build a home,” Wall added. "And for example, if you were renovating your business and you did a little expansion, the total assessment would have to change for the building. Otherwise, this does not apply.” 

This is not only applicable to the owner of the home, but is also open to contractors who would like to build something on spec. 

Both policies do not include base taxes or levies. Anyone with further questions is encouraged to contact the City of Swift Current.