Taxation changes coming into effect in 2018 will benefit thousands of Manitobans and businesses across the province.
“Our government is focused on ensuring the tax environment here is competitive and affordable for everyone,” said Finance Minister Cameron Friesen. “We will continue to provide tax relief for Manitoba families and businesses in 2018 as we work toward fixing the finances and securing the sustainability of our services today and into the future.”
Indexing personal income tax brackets and the basic personal amount to inflation is estimated to remove an additional 1,700 Manitobans from the tax rolls and save residents over $17 million in 2018, the minister noted. The basic personal amount for 2018 will be $9,382, he said.
Friesen confirmed that in 2017, indexing removed 2,100 individuals and saved Manitobans approximately $21 million. By 2020, an estimated 11,100 individuals will have been removed from the tax rolls and Manitobans will have cumulatively saved $113 million, he added.
To support growth and investment in the economy, Budget 2017 extended the Manufacturing Investment, Mineral Exploration and Book Publishing tax credits.
In addition, as a red tape reduction initiative, under The Insurance Corporations Tax Act, corporations will only be required to pay taxes when filing an annual return and will be able to do so more efficiently using the on-line tax filing system.