Manitobans will notice some improvements to tax credit levels coming out of this week's provincial budget.
"The renter's credit looks like it is going up by $50 to $575. Seniors will also get a top-up over and above that amount." according to Howard Wirch of Accent Chartered Professional Accountants. "The other thing that we are seeing that is more an indirect help to taxpayers is on the property tax side, there is an increase to $1,500 on your property taxes, and they are going to be wiping out that 50 per cent reduction to the education property tax."
Wirch adds that will increase the number of tax rebates, especially on lower assessed value properties, which in turn will lower your property tax bill.
Wirch adds the province is also adjusting some of the income tax brackets, with hopes of helping middle-class earners.
"The exemption amount in Manitoba has been improved. I believe it is $15,000 now and then they are going to be broadening those tax brackets into the 2024 year, so that there is less tax paid by "middle-class" individuals, and the credits will affect your income tax when you go to file them So you will be paying less tax at lower rates."
Other features of the budget that caught Wirch's attention were the extension of $10 a day child care to non-school days, decreases to Autopac rates, and credits for purchasing electric vehicles.
