Manitoba 2023 Budget Highlights

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Manitoba 2023 Budget Highlights

On March 7, 2023, Manitoba’s Minister of Finance delivered the province’s 2023 budget. These are the highlights of it.

No Changes To Corporate or Personal Tax Rates

Budget 2023 did not change Manitoba’s corporate rates but introduces two personal tax changes:

  • Manitoba’s basic personal amount will increase to $15,000 (from $10,145) for the 2023 tax year.

  • Manitoba’s tax bracket thresholds will increase to $47,000 and $100,000 (from $36,842 and $79,625) for the 2024 tax year.

The minimum wage will increase to $15 an hour.

Corporate Tax Credits and Measures

The following corporate tax credits were impacted by Budget 2023:

  • Effective April 1, 2023, Interactive Digital Media Tax Credit will be expanded to allow additional kinds of employee compensation and incentives to be considered eligible labour expenditures.

  • The Mineral Exploration Tax Credit and Green Energy Equipment Tax Credit are now permanent.

Budget 2023 reduces the province’s Health and Post-Secondary Education Tax by increasing the exemption threshold for a business’s annual payroll to $2.25 million and increasing the annual payroll threshold below which employers pay a reduced rate to $4.5 million.

Investing in Stronger Communities

Budget 2023 includes several investments to help build stronger communities:

  • $268.5 million in capital expenditures to build, renovate and expand schools.

  • $81 million to Community Living and Children’s disABILITY Services agencies.

  • $76.1 million to reduce regulated parent fees for child care to $10 per day.

  • $51.8 million for Manitoba’s Violent Crime Strategy over two years.

  • $51 million for Manitoba’s Homelessness Strategy.

  • $9.4 million for 1,000 new treatment spaces for substance use and addiction treatment services.

  • $1.5 million in child and youth mental health services.

Expanding Healthcare Coverage

Budget 2023 commits 7.9 billion to healthcare coverage, including spending as follows:

  • $130 million to reduce the diagnostic and surgical backlog.

  • $120 million for Pharmacare, which will extend coverage for insulin pumps for eligible adults with Type 1 and Type 2 diabetes.

  • $1.2 billion in multi-year capital investments in rural hospitals and other health infrastructure.

  • Creating a new Hearing Aid Program for seniors.

Providing Support For Infrastructure

Budget 2023 makes several significant investments in infrastructure:

  • $2.5 billion in trade-enabling highway infrastructure over the next five years.

  • $160.4 million for cost-shared investments in municipal capital projects, including water and wastewater projects.

  • $50 million to the Venture Capital Fund to help businesses grow in Manitoba.

  • $92.5 million in funding to support post-secondary education and the labour market

  • $103.1 million contribution to AgriInsurance premiums to safeguard producers against crop production shortfalls due to adverse weather

We can help!

Do you wonder how this year’s budget may impact your finances or business affairs? Reach out to us – we’re here to answer any questions!