Canada: Budget implementation bill includes corporate income tax measures (Manitoba)
Manitoba's budget implementation bill received first reading on 11 October 2022.
Manitoba's budget implementation bill received first reading on 11 October 2022.
Manitoba's budget implementation bill, which includes several tax measures, received first reading on 11 October 2022.
The legislation (Bill 45) would make permanent the small business venture capital tax credit and the community enterprise development tax credit, among other changes announced in Manitoba’s 2022 budget in April 2022.
Bill 45 also includes changes announced in the provincial budget that would:
- Increase the exemption threshold under the province’s health and post-secondary education tax levy to $2 million* (from $1.75 million) and increase the annual threshold below which employers pay a reduced rate to $4 million (from $3.5 million)
- Extend certain 2020 filing deadlines for the research and development tax credit by up to six months (but no later than 31 December 2020) to align with other federal deadline extensions in response to the coronavirus (COVID-19) pandemic
- Make minor changes to the film and video production tax credit to confirm that film producers can get advance credits before a film is completed, provided that proper documentation is submitted
Read an October 2022 report prepared by the KPMG member firm in Canada
*$=Canadian dollar
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