April 12, 2022
Budget 2022 puts Manitoba on a solid path to recovery with strategic investments that focus on making life more affordable and building Manitoba’s economy, Finance Minister Cameron Friesen announced today as he released Budget 2022: Recover Together.
“As supply chain challenges continue to raise the cost of food and fuel for Canadians across the country and inflation drives up the cost of living, families are feeling squeezed,” said Friesen. “Our government is proud to announce a number of strategic investments as part of Budget 2022 to provide financial relief to Manitoban families and we will continue to advocate for direct federal action to ease the burden on Canadian households and businesses.”
The minister noted Budget 2022 investments to make life more affordable for Manitobans include:
- expanding eligibility for the Child Care Subsidy Program to support an average of $10 a day per child for regulated child-care spaces;
- increasing the Education Property Tax Rebate to 37.5 per cent in 2022 and 50 per cent in 2023, saving the average homeowner $1,355 over two years;
- introducing and expanding the new Residential Renters Tax Credit to 45,000 additional households, saving Manitoba renters up to $525 each and every year;
- increasing shelter benefits for low-income Manitobans by investing:
- $9 million in Employment and Income Assistance Rent Assist indexation; and
- $8.9 million in non-Employment and Income Assistance Rent Assist indexation.
- $12 million in new income-support programs for people with severe and prolonged disabilities; and
- reducing vehicle registration fees, saving Manitobans $15 million a year.
The minister noted the government is set to exceed its $2,020 tax rollback guarantee. This year, the average Manitoba taxpayer will pay $2,400 less in cumulative taxes than they did under the previous government.
“Our government understands that fiscal responsibility is crucial to building up the economy as we recover together and we are taking action to ensure businesses can thrive,” said Friesen. “We look forward to launching the new Venture Capital Fund to give Manitoba companies exactly what they need, including access to capital and funding for innovation, to expand and grow as we build our province and create a prosperous future for all Manitobans.”
Budget 2022 strategic investments to build the economy include:
- making the Small Business Venture Capital Tax Credit permanent and expanding it to support venture capital funds;
- further reducing the payroll tax for 970 businesses, exempting 180 businesses altogether;
- $5 million to strengthen immigration programming to help attract newcomers to Manitoba;
- more than $2 million supporting new property development in Manitoba;
- focusing on tax competitiveness for Manitoba businesses and investors; and
- more than $18 million for improving the wages of front-line workers in the community living disability, children’s disability and family violence prevention sectors.
“While our economy is recovering, we recognize the pandemic created labour shortages in key areas,” said Friesen. “As such, we are focused on training Manitobans, with our Skills, Talent and Knowledge Strategy and creating greater alignment between Manitoba’s post-secondary institutions and the labour market. As well, we are strengthening our immigration policies and programs to ensure Manitoba remains a dynamic destination for newcomers and business investors.”
The minister noted Budget 2022 makes strategic investments to ensure social and economic recovery with a focus on the health and well-being of all Manitobans, and is committed to:
- strengthening health care;
- making life more affordable;
- building our economy;
- investing in our communities; and
- protecting our environment.
Budget 2022 documents are available at www.manitoba.ca/budget2022.
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