Manitoba budget passes into law

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This article was published 04/04/2023 (1135 days ago), so information in it may no longer be current.

Legislation to implement the Tory government’s promised income tax breaks has passed.

The Budget Implementation and Tax Statutes Amendment Act received royal assent April 3. Bill 14 was the regulatory means to deliver on the Progressive Conservative’s 2023 budget.

The Tories have promised that if the bill was passed by June 1, Manitobans could see personal income tax reductions in the budget reflected on their paycheques by July.

Savings are estimated to be about $50 a month.

Grants of up to $2,000 for seniors whose annual income is under $80,000 to purchase hearing aids will also be able to flow.

Tax cuts in the budget include: raising the basic personal amount to $15,000 from $10,145, resulting in an estimated 47,400 people removed from the tax rolls; increasing personal income tax brackets by seven per cent in 2023, and increasing personal income tax bracket thresholds to $47,000 and $100,000 in 2024; and increasing the payroll tax exemption threshold to $2.25 million from $2 million, effective Jan. 1, 2024.

Changes to personal income taxes will cost the government $311 million in revenue in this fiscal year.