The Manitoba government announced a series of new tax credits today that aim to put more money back into the pockets of Manitoban homeowners and renters. These measures, introduced in the 2024 budget, are set to take effect in the new year, according to Finance Minister Adrien Sala.
“The previous government wanted to give breaks to out-of-province billionaires. We’re taking a different approach,” said Sala. “These new tax credits will provide help for all Manitobans, but particularly those who need it most.”
One of the key measures in the budget is the $1,500 Homeowners Affordability Tax Credit, which will benefit more than 80 per cent of Manitobans, according to the minister. This credit aims to make it easier for young Manitobans to buy their first home and help existing homeowners afford their mortgage payments.
Additionally, the School Tax Rebate for farm properties will be maintained at 50 per cent, reflecting the government’s commitment to support producers and their families.
Furthermore, the maximum Renter’s Tax Credit will be increased to $575, marking the first step in the government’s four-year plan to fully restore the credit to $700. This change is expected to provide much-needed financial relief for renters across the province.
These measures underscore the Manitoba government’s focus on supporting local residents and ensuring financial stability for homeowners and renters alike as they enter the new year.
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