The permit is the part that decides whether the strategy actually works. An unpermitted basement suite might collect rent, but a lender will not count that income toward qualifying, and CMHC's lending guidelines cap housing costs at roughly 39 percent of gross income using only documented rent, not a verbal claim about what a space could earn.
Getting the suite legal means meeting the City of Saskatoon's requirements for things like egress windows, ceiling height and fire separation, and that inspection is what turns a spare basement into income a lender will actually recognize.
Joel Dyck can tell you during a valuation whether a property's existing suite would qualify, or what it would take to get there. Get your hand-reviewed valuation from Joel Dyck.