Tax Relief Coming in 2019

Tax Relief Coming in 2019

MANITOBA - Manitoban will get to keep more fo their income with taxation changes coming in 2019.

The basic personal amount will increase from $9,382 in the 2018 tax year to $9,626 in 2019. Since 2016, the basic personal amount has increased by $492.

In 2018, indexing removed an estimated 1,740 Manitobans from the tax rolls and saved residents more than $17.5 million annually. In 2019, indexing will remove an additional 3,810 Manitobans from the tax rolls for an additional annual savings of $38 million.

To support growth and investment in Manitoba’s economy, Budget 2018 increased the small business income limit eligible for the zero per cent small business rate from $450,000 to $500,000 in 2019. This will bring Manitoba in line with other provinces and the federal government on the income threshold.

In addition, the new Child Care Centre Development Tax Credit is now in place. This refundable corporation income tax credit supports the creation of licensed childcare centres in workplaces.

The Manitoba government is accepting applications from private corporations that intend to create new infant and preschool childcare spaces as part of a centre. A total benefit of $10,000 per new space created is available, claimable over five years.

For more information, visit www.gov.mb.ca/budget2018/index.html.

For more information about the Child Care Centre Development Tax Credit, visit www.gov.mb.ca/fs/childcare/resources/centre_dev_tax_credit.html.

TOPICS:   Manitoba News

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