Manitoba's Bill 14, which enacts measures announced in the province’s 2023 budget, received Royal Assent on April 3, 2023. Bill 14 includes several corporate income tax measures, including to expand the eligible labour expenditures for the Interactive Digital Media Tax Credit, and makes permanent the Mineral Exploration Tax Credit and the Green Energy Equipment Tax Credit, among other tax changes announced in Manitoba’s 2023 budget on March 7, 2023.

In addition, Bill 14 increases Manitoba’s basic personal amount to $15,000 for the 2023 tax year and adjusts Manitoba’s personal income tax brackets for the 2024 tax year.

The corporate income tax measures in Bill 14 are considered enacted for U.S. GAAP purposes as of April 3, 2023 (the date the bill received Royal Assent). These measures were considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on March 10, 2023, the date the bill received first reading (as Manitoba has a majority government).

For more information, contact your KPMG adviser.

Information is current to April 10, 2023. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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