2023 Manitoba Budget Highlights

Manitoba Minister of Finance Cliff Cullen tabled the province’s 2023 Budget on Tuesday, March 7, 2023. This year’s budget, titled Historic Help for Manitobans, is focused on building strong and safe communities, strengthening the health care system, and creating opportunities for all Manitobans.  

No corporate or personal income tax rate changes were announced. 

Tax measures in the budget include: 

• Increased Basic Personal Amount to $15,000 for the 2023 tax year (from $10,145 for the 2022 tax year). 
• Increased individual tax bracket thresholds to $47,000 and $100,000, effective for the 2024 tax year (from $36,842 and $79,625 in 2023). 
• Increased 2024 exemption threshold for the Health and Post-Secondary Education Tax Levy from $2 million to $2.25 million of annual remuneration. Additionally, the threshold below which businesses will be required to pay a reduced effective rate is increased from $4 million to $4.5 million effective 2024.
  The budget also proposes a reduction in the tax levy for 2024 if fiscal updates exceed expected revenue performance; any such rate reduction will be confirmed prior to January 1, 2024. 
• Expansion of eligible labour expenditures for the Interactive Digital Media Tax Credit, effective April 1, 2023. Expenditures such as bonuses tied to profits or revenues, stock options, and signing bonuses will remain ineligible for purposes of this credit. 
• The Mineral Exploration Tax Credit, previously scheduled to expire on December 31, 2023, is made permanent. 
• The Green Energy Equipment Tax Credit, previously scheduled to expire on June 30, 2023, is made permanent. 
• Extension of the tax refund limit period for provincially-administered taxes for refunds arising from a tax audit. 
• Increased School Tax Rebate, as previously committed to in Budget 2021, for residential and farm properties to 50 percent in 2023 (from 37.5 percent in 2022). 

More details and highlights of the 2023 Manitoba Budget can be found here.