In statement today from Finance Minister Cliff Cullen, he says “starting July 1, the average two-income family will have an extra $150 a month to help make ends meet, thanks to tax changes introduced in Budget 2023.
Budget 2023 changed the Basic Personal Amount to $15,000 from $10,855. Now that the budget is law, the change is being implemented July 1, The government is prorating the basic personal amount for the remaining six months of the 2023 tax year.
This means that starting the first pay period in July, Manitoba workers will take home up to $75 more per month on their paycheques. For two-income families, that could mean up to $1,800 more to spend on things that matter most.
Compared to the forecast Basic Personal Amount and thresholds based on indexing, taxpayers will save up to an additional $1,399 in 2024 with these threshold improvements. These increases will provide even greater savings to Manitobans going forward. As indexing continues in future years, the Basic Personal Amount and income tax bracket thresholds will increase by a greater amount each year than they would have without these large increases in Budget 2023.
Manitobans have faced unprecedented challenges over the last three years, challenges that required unprecedented government action. Our government remains focused on maintaining a strong, sustainable fiscal foundation that will provide better services to all Manitobans. This includes investing in front-line services and lowering taxes to make life more affordable for Manitobans and more competitive for Manitoba businesses.
These efforts were also recognized earlier this month by the Fraser Institute, which named Manitoba as the number one province for Tax Freedom Day-the day of the year when the average individual has earned enough money to pay their taxes. This year, Manitoba reached that day on June 6, ahead of every other province.”
