Canada: Budget bill including corporate income tax measures receives Royal Assent (Manitoba)

Bill 45 received Royal Assent on 3 November 2022

Bill 45 received Royal Assent on 3 November 2022

Bill 45, which enacts several tax measures from Manitoba’s 2022 budget announced in April 2022—including making permanent the small business venture capital tax credit and the community enterprise development tax credit, both set to expire on 31 December 2022—received Royal Assent on 3 November 2022.

Bill 45 also includes changes announced in the provincial budget that:

  • 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
  • Introduce a new residential renters tax credit, which replaces the renters component of the education property tax credit, to provide an annual credit of up to $525 to eligible renters of residential properties.

Read a November 2022 report prepared by the KPMG member firm in Canada

*$=Canadian dollar


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