The simplest takeaway for Saskatchewan residents in the 2017 budget? It's going to cost us more to shop, smoke, drink alcohol and eat out.

Here is a list of highlights from the budget, presented by Finance Minister Kevin Doherty Wednesday afternoon:

  • The Budget increases the PST rate from 5 per cent to 6 per cent, effective March 23, 2017.

A number of PST exemptions have also been eliminated beginning April 1, including:

  • Restaurant meals and snack foods
  • Children's clothing
  • Value of a trade-in allowance will no longer be deductible in determining the PST on the purchase of vehicles that are new or have not been previously taxed in Saskatchewan.
  • Insurance premiums.
  • The Budget reforms the taxation of contracts for the repair, renovation or improvement of real property. New contracts entered into on or after April 1, 2017 will be subject to PST on the total contract price to the purchaser. However, contractors will now be eligible to acquire tax-free building materials for use in fulfilling a contract. This measure impacts residents and businesses.
  • Fuel tax exemption for bulk purchases of gasoline is eliminated and for bulk purchases of diesel is reduced to 80% of the purchase, effective April 1, 2017.
  • The Personal Income Tax credits for post-secondary tuition and education expenses are being eliminated effective July 1, 2017.
  • Indexation of the Personal Income Tax system is being suspended starting for the 2018 taxation year.

In addition to the increase to the PST rate, the Budget also increases:

  • Tobacco Tax  rates by 2¢ per cigarette effective March 23, 2017.
  • The Corporation Capital Tax rate on large financial institutions from 3.25% to 4.0% effective April 12, 2017.
  • Liquor  mark-ups as of April 1, 2017 to generate an incremental $5M of revenue. Wholesale mark-up rates will increase 6.8% for most beer products, 6% per cent for most coolers, 5.3% for most wines and 4% for most spirits.

However, the government promises individuals and businesses will be able to take home a little more money, as Personal Income Tax rates will be reduced in half-point increments effective July 1, 2017 and July 1, 2019:

  • The general Corporation Income Tax rate will be reduced in half-point increments effective July 1, 2017 and July 1, 2019.