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Manitoba 2007 Budget

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Manitoba  ->  Manitoba Provincial Budgets -> Budget 2007

Manitoba 2007 Budget - April 4, 2007

November 16, 2009 note:  The tax changes below were subject to budget balancing provisions.  The 2010 tax brackets and personal income tax rates remain unchanged from 2009.

bulletbasic personal amount increased by $200 to $8,034 for 2008
bullet spouse and equivalent to spouse amounts increased to $8,034 for 2008
bullet effective 2008, the middle tax bracket
bullet rate is reduced from 13% to 12.75%
bullet top threshold is increased from $65,000 to $66,000, and will increase by $1,000 per year until it reaches $70,000 in 2011
bullet effective 2009, the lowest tax bracket
bullet rate is reduced from 10.9% to 10.8%, then to 10.7% in 2010 (not done), and 10.5% in 2011
bullet top threshold is increased from $30,544 to $31,000, then to $32,000 in 2010 (not done), and $35,000 in 2011
bullet effective 2008, the Family Tax Reduction becomes the Family Tax Benefit, with a streamlined calculation, which does not reduce benefits for anyone.
bullet Manitoba mineral exploration tax credit extended to March 31, 2008.  This is a 10% non-refundable personal tax credit, earned on the purchase of flow-through shares in exploration companies to finance Manitoba exploration projects.
bullet farmland school tax rebate increased from 60% to 65% for 2007, then to 70%, 75%, and 80% for 2008, 2009, and 2010.
bullet new Green Energy Manufacturing Tax Credit is a refundable tax credit of 10% of the value of qualifying property produced in Manitoba and sold for residential or commercial use in Manitoba before 2019.  Qualifying property will include equipment for wind power, solar energy, geothermal energy, and hydrogen fuel cells.
bullet general corporate income tax rate reduced from 14% to 13% effective July 1, 2008, then to 12% effective July 1, 2009.
bullet small business corporate income tax rate is reduced from 3% to 2% effective January 1, 2008, and to 1% effective January 1, 2009.  The rate was 4.5% in 2006.  The small business dividend tax credit rate will be reduced correspondingly.
bullet general corporation capital tax to be eliminated, except for crown corporations, by December 31, 2010, subject to budget balancing requirements.
bullet all tax reductions in years after 2008 are subject to budget balancing requirements.
bullet Federal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Québec:
bullet effective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.
bullet lifetime capital gains deduction increased from $500,000 to $750,000.

For more information, see the Government of Manitoba Budgets website.

Revised: September 19, 2017

 

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