Manitobans to Enjoy PC Tax Savings in 2024
Historic action by PCs will provide permanent affordability at home and for businesses beginning in the new year
WINNIPEG — Manitobans will see more tax savings in 2024 thanks to PC affordability measures that come into effect January 1—including up to $1,399 in savings to help Manitoba families make ends meet.
Starting in the new year, personal income tax bracket thresholds will increase to $47,000 and $100,000, delivering $160 million in tax savings for low-income and middle-class families in 2024. Combined with the 2023 increase in the Basic Personal Amount to $15,000, which went into effect July 1, Manitobans will not only earn more money before having to pay income taxes, but they will pay less taxes too, enabling them to keep more of their hard-earned money to spend on the things that matter most.
“At a time when the price of everything is going up, from gas to groceries to heating our homes, these are significant savings that puts money directly back into the paycheques and pockets of hardworking Manitoba families, where it belongs,” said Manitoba PC Leader Heather Stefanson. “Whether you’re a nurse, a teacher, or a tradesperson, these measures will make life in Manitoba more affordable not just in 2024 but for generations to come.”
Further increases to payroll tax thresholds starting in 2024 will bring $9 million in annual savings to 900 Manitoba businesses, and will exempt 150 employers from the tax entirely. It is the fourth consecutive year of increases to this tax threshold to make Manitoba more affordable and competitive for businesses.
“The payroll tax discourages entrepreneurship and investment, and puts a strain on all municipalities as well,” Stefanson said. “This year’s savings provides real relief across our economy, giving money back to businesses and employers to spend on introducing new products and technologies, hiring more Manitobans, and increasing wages.”
Manitoba PCs have kept costs down for Manitobans since 2016, from reducing the PST after the NDP’s PST hike, balancing the provincial budget twice and restoring Manitoba’s credit rating, and lowering the costs of childcare. In addition to providing historic tax relief in Budget 2023, PCs have made life more affordable in Manitoba by:
- saving Manitoba homeowners an average of $774 through the 50-per-cent School Tax Rebate;
- providing Manitobans with $200 million in direct payments to offset the punishing and rising NDP-Trudeau carbon tax cash grab;
- reducing Manitoba Hydro’s water rental and debt guarantee fees, saving ratepayers and the Crown utility more than $4 billion over the next 20 years; and
- removing more than 70,000 low-income Manitobans from the tax rolls entirely by indexing the Basic Personal Amount annually since 2016.
“Manitobans faced unprecedented challenges over the last three years, and PCs rose to those challenges by taking historic and meaningful action to make Manitoba a better place to live, work, and do business,” said Stefanson. “Wab Kinew and the NDP voted against every single one of these measures. Now, they’re scrambling to pay for their $3-billion in election promises by signaling cuts to important health and education projects, and planning to run large deficits and raise taxes in the years ahead.”
Earlier this year, the Fraser Institute recognized Manitoba for PC actions on affordability and the province’s improvement for Tax Freedom Day—the day of the year when the average individual has earned enough money to pay their taxes. In 2023, Manitoba reached that day on June 6th, ahead of all other provinces for the second year in a row.
Moreover, as recognized by global credit rating agency Moody’s, PCs were able to provide these record tax and affordability measures while making historic investments in government services for Manitobans. Moody’s affirmed Manitoba’s credit rating earlier this year, owing to the PC government’s balanced fiscal approach and prudent debt mitigation efforts.
“Our PC team is proud to have introduced real, permanent relief for Manitobans over the years while growing our economy,” said Stefanson. “We will continue advocating for long-term solutions to help make life more affordable for all Manitobans.”
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