September 9, 2020: Measures in Budget 2020 and COVID-19 Response Result in Nearly $406 Million in Provincial Savings
Manitoba households are saving on average $812 this year because of measures taken by the provincial government in Budget 2020 and its COVID-19 response, Premier Brian Pallister announced today.
“Our government has been working hard since 2016 to make life more affordable for Manitobans and that remains our focus as we all face unprecedented financial pressures brought on by the COVID-19 pandemic,” said Pallister. “When the pandemic hit, we acted quickly to find ways to support the most vulnerable Manitobans.”
Budget 2020 tax measures, as well as COVID-19 measures tied directly to household savings, will result in estimated total savings of $405.9 million across Manitoba this year, the premier said. Manitoba’s estimated 500,000 households will see average savings of $812, he added.
The total includes Budget 2020 tax measures, indexation of the basic personal amount and the provincial income tax brackets, the reduction in the provincial sales tax (PST) rate to seven per cent from eight per cent as of July 1, 2019, and the accelerated removal of $75 million in PST on home and property insurance premiums as of July 1, 2020. It also factors in COVID-19 measures, such as the Seniors Economic Recovery Credit, Risk Recognition Program, Manitoba Public Insurance Rebates, Disability Economic Support Program and the Manitoba Bursary Programs.
“Our focus is to provide Manitobans with better value for their hard-earned dollars and leave more money on everyone’s kitchen tables, especially as we continue to face the unknowns of this pandemic,” said Pallister. “Since 2016 we’ve made progress on decreasing the amount of taxes Manitobans pay and saving Manitobans more money each year.”
Pallister said since 2016, provincial government measures have brought a cumulative total of $659.4 million in household savings, which results in an average savings of $1,319 per household.
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