Manitoba Legislative Building in Winnipeg

2022 Manitoba Budget Highlights

April 12, 2022

2022 Manitoba Budget Highlights

Synopsis
2 Minute Read

Manitoba Finance Minister Cameron Friesen tabled the Provincial Government’s 2022 Budget on April 12, 2022.

On April 12, 2022, Manitoba Minister of Finance Cameron Friesen tabled the 2022 Provincial Budget. Titled Recover Together, this Budget contains strategic investments in key priority areas to focus on the health and financial well-being of all Manitobans. No corporate or personal income tax rate changes were announced.

Tax measures in the Budget include:

  • The Small Business Venture Capital Tax Credit, a non-refundable tax credit of up to 45 percent for investments in eligible Manitoba enterprises, will be made permanent.
  • New Residential Renters Tax Credit effective for 2022, with a maximum annual claim amount of $525.
  • Increases to the Health and Post-Secondary Education Tax Levy threshold from $1.75 million to $2 million to reduce payroll taxes.
  • An increase in the Education Property Tax Rebate to 50 percent by 2023.
  • The Community Enterprise Development Tax Credit, a refundable tax credit of up to 45 percent for investments in community-based Manitoba enterprises, will be made permanent.
  • Fuel tax exemption for off-road operation of peat harvesting equipment effective May 1, 2022.
  • Various administrative tax measures to:
    • Provide greater clarity on federal provisions respecting tax on split income for individuals in Manitoba;
    • Align provincial Research and Development Tax Credit deadlines with extended federal filing deadlines;
    • Establish a statute of limitations on audits and requests for change by taxpayers on taxes administered by Manitoba Finance;
    • Confirm the Film and Video Production Tax Credit can be claimed in advance where proper documentation is submitted; and
    • Increase validation of Manitoba tax credits claimed through an extended service agreement with the Canada Revenue Agency.

Full details of the 2022 Manitoba Budget can be found on the Provincial Government’s website.

2022 Federal Budget

The Federal Government tabled its 2022 Budget on Thursday, April 7, 2022. Access MNP’s insightful Federal Budget Summary and find out the impacts and implications.

Insights

  • Progress

    January 27, 2023

    Building on a firm foundation: How effective retention strategies set the stage for success

    Discover why investing in employee retention is crucial to your success, and how to go about building your organization’s unique retention strategy.

  • Progress

    January 25, 2023

    When, why and how to sell your business to a private equity firm

    Partnering with private equity groups can bring unique opportunities and is an option worth exploring when considering a transition of your business. A partnership can enable business owners to build value over the transition period, maintain control of the business, and continue to drive its growth.

    Consider your exit strategy as well as the investment horizon, leverage, and control of the private equity group to determine if this type of partnership is the right fit for the transition of your business.

  • Progress

    January 24, 2023

    Plan ahead to protect your family and business from unexpected events

    Having a clear succession plan in place is essential to protect both your business and your family in the event of an unplanned emergency.