PCs Propose $30,000 Income Tax Exemption for Manitobans—Highest in Canada
WINNIPEG — Today, Manitoba Progressive Conservatives committed to a personal basic exemption on income tax of $30,000.
Proposed by Midland MLA Lauren Stone, PC Critic for Finance, through a resolution in the Legislature, this amount is almost double the current amount of $15,780. It would save up to $3,070 per year for the average family of four with two-income earners who have a combined income of $60,000 or more.
For low-income earners, this amount is extremely meaningful. For those earning $30,000 per year, the income tax savings would be the equivalent of paying only 2% PST, or around $600, saving $1,535.
“These are significant tax savings that increase every Manitoba family’s real income,” said Obby Khan, Leader of the Official Opposition. “A penny saved is a penny earned. And this tax shift saves the average Manitoban up to $1,535 for everyone making over $30,000 per year.”
While Manitobans would continue to pay federal income tax after they earn $16,129, this significant change in Manitoba’s income tax structure will ensure that, for the first $30,000 earned by every Manitoban, they will not pay any provincial income taxes.
“These aren’t rebates that come at tax time. These are real-time changes that will result in higher weekly, bi-weekly, or monthly paycheques, because Manitobans will be taxed less up front,” said Stone. “This is a policy that works on two levels. It earns every Manitoban additional money, while injecting a jolt of energy into our stagnant economy. This shift will work for workers as well as business.”
“We know Manitoba families will spend this money to pay for the higher cost of groceries, rent, clothes, transportation and everything else that’s gone up under this NDP government. Our proposal will generate more economic activity, which will boost provincial revenues through the PST and other corporate tax revenues as Manitoba’s economy rebounds.”
The Kinew NDP did not support the resolution Thursday.
“Wab Kinew says he’s searching for ways to make life more affordable for Manitoba families as he raises education property taxes and income tax rates,” said Khan. “Today, he was presented with a Progressive Conservative plan that would make life more affordable. But Kinew turned his back and walked away.”
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