Manitoba Government Presents Budget 2022-23 Implementation Bill

Image
News from Broadway

Proposed Legislation Provides Strategic and Historic Investments in Priorities of Manitobans: Friesen

[October 11, 2022] The Manitoba government has introduced legislation required to implement Budget 2022, which provides strategic and historic investments to strengthen, invest and build the province, Finance Minister Cameron Friesen announced today.

“Our government is listening to Manitobans, acting on their priorities and getting things done for the benefit of all Manitobans. Budget 2022 addresses pressing issues affecting all Manitobans — record levels of inflation, increased interest rates, supply chain issues, labour shortages, the unjust war on Ukraine, and pandemic surgical and diagnostic wait times — so we can recover together,” said Friesen. “This budget invests in making life more affordable and builds the economy into a new era of growth and strengthens the health care system.”

The minister noted the proposed budget implementation and tax statutes amendment act is procedural legislation that supports the government’s budget commitments, including historic tax and financial relief, and makes the necessary amendments to statutes.

The act would make tax changes that:

  • increase the total exemption and lower rate thresholds under the Health and Post-Secondary Education Tax Levy Act for the third year in a row;
  • establish two refundable tax credits in relation to the new affordability payments to families with children and low-income seniors, as announced on Aug. 31;
  • make the Small Business Venture Capital Tax Credit permanent and implement enhancements to further encourage investment and improve access to capital;
  • streamline the approval process for mine operators regarding the additional processing allowance and tax holiday for new mines and major expansions under the Mining Tax Act;
  • amend the Fuel Tax Act to exempt the fuel used in the off-road operation of peat harvesting equipment;
  • add information sharing disclosure rules under the Tax Administration and Miscellaneous Taxes Act; and
  • make the Community Enterprise Development Tax Credit permanent to help encourage investment in community-based enterprises.

The minister noted the Education Property Tax Rebate includes increases for residential and farm properties to 50 per cent in 2023 from 37.5 per cent in 2022 and provide authority for the rebate to be paid on time in future years. The average rebate to a homeowner will increase to $774 in 2023 from $581 in 2022.

The income-tested Seniors Education Property Tax Credit top-up of up to $300 previously available to senior renters will be locked into the new Renters Tax Credit, added Friesen.

As part of the government’s ongoing efforts to make life more affordable for Manitobans, the $87-million Family Affordability Package was created to provide immediate financial relief to help ease the burden of rising costs and high inflation, noted Friesen. Manitoba families with children under the age of 18 and a family income under $175,000 will receive $250 for the first child and $200 for each additional child. Manitoba seniors with family income under $40,000 who were eligible for the 2021 Education Property Tax Credit will receive a $300 payment. The minister noted all eligible Manitobans will soon have received cheques.

Provisions in the proposed legislation also include amendments to:

  • the Manitoba Public Insurance Corporation Act, to ensure it operates on a solid financial foundation with long-term rate stability;
  • the Manitoba Hydro Act, to ensure access to the federal Investing in Canada Infrastructure Program; and
  • the Efficiency Manitoba Act

For more information on Budget 2022 measures, visit www.manitoba.ca/budget2022/index.html.

– 30 –

https://news.gov.mb.ca/news/index.html?item=56620&posted=2022-10-11