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Canada: Manitoba's new tax credit to benefit more homeowners
Manitoba taxes
Representative image of Canada housing/ courtesy: Unsplash

Canada: Manitoba's new tax credit to benefit more homeowners

| @indiablooms | 17 Apr 2024, 12:36 am

Winnipeg/IBNS: The Manitoba government’s $1,500 Homeowners Affordability Tax Credit would provide relief for more homeowners, province's Premier Wab Kinew and Finance Minister Adrien Sala have jointly announced.

“Our plan will save Manitobans money…easier to pay your mortgage or afford your first home…measures announced in our budget will put more money in the pockets of Manitobans, Kinew said.

In addition, this new plan would reduce or eliminate school taxes for 84 percent of Manitoba homeowners.

Starting in 2025, the new Homeowners Affordability Tax Credit of up to $1,500 on principal residences would replace the School Tax Rebate and Education Property Tax Credit.

This provides relief for more households than the current one in effectively eliminating education property taxes for homes with assessed values of approximately $285,000 and below.

“Our plan will benefit the vast majority of homeowners more than under the previous government’s plan …allowing those who pay their property taxes monthly to save every month.” said Sala.

However, maintaining a 50 percent School Tax Rebate for farm properties will continue, noted the minister as part of the government’s commitment to support producers and their families.

This tax change will also enable young Manitobans to buy their first home, added the minister, as well as easier for homeowners to afford their mortgage payments.

(Reporting by Asha Bajaj)

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