Winnipeg, March 11, 2020 – Jonathan Alward, director, prairie region, for the Canadian Federation of Independent Business (CFIB) will be available this afternoon to provide the small business reaction to the 2020-21 Manitoba Budget. Alward will be available in the rotunda of the Legislative Building immediately following the introduction of the provincial budget speech.
“With the number of ongoing challenges facing Manitoba’s entrepreneurs, we are pleased with the government’s announcement yesterday to increase the payroll tax exemption to $1.5 million,” said Alward. “This is a step in the right direction, but entrepreneurs are still looking for additional short-term tax relief in the Budget such as increasing the Basic Personal Exemption amount and beginning the elimination of school property taxes on farmland and commercial properties.”
Increasing the Health and Post Secondary Education Tax Levy exemption to $1.5 million will reduce Manitoba’s total payroll tax burden to be in-line with the national average ($4,876) per employee earning $50,000 annually.
CFIB’s key recommendations to Manitoba’s Finance Minister for the 2020-21 Budget included:
- Providing tax relief for small businesses before 2022 including:
- Increasing the Basic Personal Exemption amount to the national average ($12,479) before 2021, while keeping income tax brackets indexed going forward;
- Increasing the HE Levy exemption threshold to $2.5 million and indexing it to inflation;
- Begin eliminating school property taxes on farmland and commercial properties;
- Balancing the budget by no later than 2022, without tax increases; and
- Continuing ongoing efforts to reduce red tape.
To arrange an interview with Jonathan Alward, CFIB’s director, prairie region, please call 204-982-0817 or email [email protected]. You can also follow CFIB Manitoba on Twitter @cfibMB.
CFIB is Canada’s largest association of small and medium-sized businesses with 110,000 members (4,800 in Manitoba) across every sector and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.