December 29, 2011
Changes Represent 13th Consecutive Year in Which Major Taxes Have Been Frozen or Reduced: Struthers
Information on the changes, including basic personal income tax exemptions available to all Manitobans, is available at www.gov.mb.ca/finance/index.html.
PROVINCE MOVES FORWARD WITH NEW MEASURES TOTALLING $63.6 MILLION IN TAX SAVINGS FOR BUSINESSES, FAMILIES IN 2012
– – –Changes Represent 13th Consecutive Year in Which Major Taxes Have Been Frozen or Reduced: Struthers
The new year will see increases to several tax credits along with an increase in the basic personal tax exemption, putting more money back into the pockets of Manitobans, Finance Minister Stan Struthers announced today.
“Higher tax exemptions mean more savings for all Manitobans. They also help to make our province an even more attractive and affordable place to live, work and raise a family,” Struthers said.
In 2012, the three basic income tax exemptions will each increase by $250, from $8,384 to $8,634. They include the basic personal amount available to all Manitobans, the spousal amount for married and common law couples, and the eligible dependent amount for single parents. With these increases, another 5,200 Manitobans will be removed from the tax rolls and savings will total $19.3 million, said Struthers. Enhancements to the senior’s education property tax credit will result in an additional $1.6 million in tax savings to bring the total to $20.9 million, he added.
Other personal tax savings include:
Budget 2011 extended several tax credits that were scheduled to expire at the end of 2011. Struthers said these credits will generate $36.7 million in tax savings in the new year and include extensions for:
The minister noted tax cuts delivered since 1999 will save Manitobans over $500 million in 2012 provincial income taxes and $334 million in 2012 property taxes, while businesses will save $424 million annually.“Higher tax exemptions mean more savings for all Manitobans. They also help to make our province an even more attractive and affordable place to live, work and raise a family,” Struthers said.
In 2012, the three basic income tax exemptions will each increase by $250, from $8,384 to $8,634. They include the basic personal amount available to all Manitobans, the spousal amount for married and common law couples, and the eligible dependent amount for single parents. With these increases, another 5,200 Manitobans will be removed from the tax rolls and savings will total $19.3 million, said Struthers. Enhancements to the senior’s education property tax credit will result in an additional $1.6 million in tax savings to bring the total to $20.9 million, he added.
Other personal tax savings include:
- the new Children’s Arts and Cultural Activities Tax Credit, and
- a 25 per cent increase to the Primary Caregiver Tax Credit.
Budget 2011 extended several tax credits that were scheduled to expire at the end of 2011. Struthers said these credits will generate $36.7 million in tax savings in the new year and include extensions for:
- the Manufacturing Investment Tax Credit,
- the Mineral Exploration Tax Credit,
- the Book Publishing Tax Credit,
- the Community Enterprise Development Tax Credit,
- the Odour Control Tax Credit, and
- the Co-op Education and Apprenticeship Tax Credit.
Information on the changes, including basic personal income tax exemptions available to all Manitobans, is available at www.gov.mb.ca/finance/index.html.
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