The Manitoba Government released a full description of this year's Provincial budget, totaling $21.9 billion, and many historic investments are on the way.
The press release began by outlining the new, and largest personal income tax reduction in Manitoba's history. Changes to the Provincial Basic Personal Amount will ensure that Manitobans won't pay a cent of income tax on the first $15,000 they earn in 2023. Further tax relief was outlined for 2024, in which the lowest tax rate will then apply to the first $47,000 of income, and the second rate will apply to income between $47,000 and $100,000.
That means more of Manitobans’ money will be taxed at lower rates. Combined, both income tax changes will save an individual taxpayer up to $1,399 in 2024.
In an effort to support the healthcare system, $7.9 billion will be going towards several key investments. These investments include adding more space to 9 hospitals and healthcare locations, reducing surgery wait times, and expanding coverage on insulin pumps and hearing aids.
Manitoba's education system will see the largest boost to its funding in 25 years, with $1.7 billion going towards K-12 programs, creating 23,000 childcare spaces, and the recently announced $10-a-day childcare program.
Finance Minister Cliff Cullen stressed this budget's focus on supporting the well-being of Manitoba families.
Budget 2023 will help people across all areas of family and community life while we work hard to create economic opportunities, This budget is about doing everything possible for Manitobans at a time when they need it most.”
