BORIS MINKEVICH WINNIPEG FREE PRESS FILESFinance Minister Cameron Friesen's budget is expected to indicate how much progress the government intends to make in deficit reduction in each of the next several years
The NDP refused to follow other provinces in raising the threshold for small business tax, but he'll do so on January 1, increasing the small business tax reduction from $450,000 to $500,000. But he said the tax breaks should help.
The spin coming out of the Pallister government is that this is somehow the "largest tax cut in Manitoba history", which is laughable.
The Manitoba government tabled its budget for the 2018-19 fiscal year on Monday.
The Manitoba tax would raise the price of gasoline, for instance, by about a nickel a litre.
Media Release (03/12/2018) MANITOBA - "We promised to fix the finances, repair the services and rebuild the economy", said Friesen.
The carbon tax will also affect natural gas, diesel and propane but marked fuel used in agriculture, mining and forestry will be exempt.
Manitoba residents will be paying just over five cents more for a litre of gas after the carbon tax kicks in September 1., but the province has promised that all its revenues will eventually be returned to Manitobans through tax reductions.
Those come nowhere near to offsetting the full $248-million tax hike.
Income-tax filers: The threshold at which people will start paying personal income tax is to increase by $2,000 to $11,400 by 2020. Its pace of economic growth is expected to slow in the next few years, partly due to the closure of several mines, think-tank Conference Board of Canada said in a February report.
Only two taxes go up significantly: tobacco goes up $7 million over a full year, and phasing out the credit unions special deduction saves the province $800,000 in this budget and $15 million over a full year.
Post-secondary institutions are taking a hit in this budget.
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At the same time, the government is cutting post-secondary funding by $6 million, or one per cent, which works out to about $8 a month per student.
The PC government scrapped the NDP measure to freeze tuition fee increases to the rate of inflation in 2016.
Waverley West will get two new schools (a K-8 school and a high school), the Winnipeg School Division will get a new K-8 school in Waterford Green, Seven Oaks School Division will get a primary school and Southeast Brandon will get a new K-8 school. But there are also funding increases in areas such as child welfare, child care and Justice, as well as modest increases in health care and education overall.
Private firms that create daycare spaces would qualify for up to $10,000 in tax credits over five years. Combined, all five schools will hold 3,300 students along with 392 child-care spaces.
The province projects a summary deficit of $521 million - down more than $200 million from the current year - but there was a lot more money to plan with.
The PCs say they're still committed to eliminating the deficit by 2024 - potentially the end of their second term. The province's net debt will rise to C$25 billion, equal to 34 percent of gross domestic product, according to budget documents.
But they are still putting some money in the government's rainy day fund: $50 million will be invested in a pot that already includes $125 million. Budget 2018 reduces the deficit by $319 million from Budget 2017.
The amount the province is giving to municipalities this year is flat: $312 million ($115.5 of which will be for Winnipeg).
The environment: A new conservation fund, starting with $102 million, to be set up to support climate-change initiatives.
Funding for program delivery at the Addictions Foundation of Manitoba will be cut by $2.7 million.
"Budget 2018 delivers even more tax relief for Manitobans", Friesen told the legislature.
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