[May 6, 2024] BITSA Implements a New $1,500 Tax Credit for Homeowners
The Manitoba government has introduced legislation needed to implement Budget 2024, which rebuilds health care across Manitoba and lower costs for families, Finance Minister Adrien Sala announced today.
“Our budget rebuilds health care, lowers costs for families, makes our communities safer and grows Manitoba’s economy,” said Sala. “We’re also delivering on our commitments we’ve made to Manitobans while charting a responsible path to balance. This budget balances the need for immediate action to undo seven years of damage done by the previous government with a plan to make life better for Manitobans in the long-term.”
The proposed legislation, the budget implementation and tax statutes amendment act 2024, would implement the government’s budget initiatives including tax measures such as:
- establishing a new Homeowners Affordability Tax Credit of up to $1,500;
- increasing the maximum Renters Affordability Tax Credit to $575 from $525 and a top-up for seniors to $328 from $300, effective for the 2025 tax year;
- establishing a new Rental Housing Construction Incentive, providing a refundable tax credit of $8,500 on all new rental units and an extra $5,000 for units maintained as affordable rental units for a period of 10 years; and
- doubling the maximum Fertility Treatment Tax Credit to $16,000 from $8,000.
For more information about Budget 2024, visit www.manitoba.ca/budget2024/.
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