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

  • Confidence

    September 27, 2022

    Budget 2022 Tax Measures Impacting Financial Institutions and Credit Unions

    Uncertain about whether tax measures in the 2022 Federal Budget will impact credit unions? Here’s what we’ve learned.

  • Confidence

    September 21, 2022

    Get what you want – what you really, really want - from your business

    Knowing what you need and what your options are is difficult to do on your own and often the reason business owners fail to plain for their own exit.

  • Progress

    September 16, 2022

    Looking beyond tax — planning for the use and ownership of the family vacation property

    Owning and managing a family vacation property between generations requires you to consider more than just the tax questions.