The Manitoba Government's 2018-19 operating budget is boasting one of the largest tax cuts in Manitoba history.
The budget also showcases tax cuts for individuals and business, with record spending on health, education, and families. All the while reducing the summary deficit by $114 million.
"We promised to fix the finances, repair the services and rebuild the economy," said Finance Minister Cameron Friesen. "We are keeping our promises."
Friesen said this budget will see the largest reduction regarding a deficit since summary budgeting was introduced in 2007.
"Budget 2018 is projecting a summary deficit of $521 million for this 2018-19 year. That is a $319 million difference," said the MLA for Morden-Winkler.
The Province has made a move regarding income tax, which will remove 30,000 Manitoban's off the tax rolls. The Government is doing this by increasing the income tax threshold by just over $2,000 over a two year period.
Another break in taxes in the presented budget was too small and medium-sized businesses. This was done by raising the small business income tax threshold to $500,000 from $450,000. The Government said this will help businesses save around $6,000 per year, which can, in turn, be reinvested into jobs or technology.
"This is helping people who need it most. It is helping seniors on fixed incomes, helping single parents, and helping students," said Friesen. "It's giving Manitobans a break."
This will also allow for the Province to pump $7 million back into the Manitoba economy each year starting in 2019.
"Manitobans face challenges of rising hydro rates, increased federal and municipal taxes, and interest rates rising. They deserve a break," the minister said. "With this budget, and the biggest tax cut in Manitoba’s history, we are giving them a break by taking money from the cabinet table and putting it back on the kitchen table."