2019 Manitoba provincial budget commentary
Finance Minister Scott Fielding tabled the 2019 Manitoba provincial budget on March 7, 2019. The budget projects a deficit of $360 million for the 2019-2020 fiscal year. The forecast deficit for the recently completed 2018-2019 fiscal year now stands at $470 million compared to an earlier budget projection of $521 million.
On the income tax side, there were no increases or decreases to personal or corporate income tax rates for 2019. The government proposed to reduce the provincial sales tax rate from 8% to 7% effective July 1, 2019 and also announced changes and extensions to certain business tax credits.
Please note that these changes are still proposals until passed into law by the provincial government. Let our experienced advisors assist you with understanding these potential changes and the impact they may have on you and your family’s financial strategy. To access the complete summary, please speak to your Assante advisor today.