2022 Manitoba Budget Highlights

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.