On May 31, the new Manitoba
government led by Premier Brian Pallister released its budget, less than a
month after their win. It is notable that the former NDP government had
been in power for 17 years, meaning the budget was based primarily on the new
government's campaign platform to make Manitoba better.
The initial
review of the budget illustrates the government's desire to "correct the
course" and position Manitoba as the most improved province in Canada. It
highlights the financial situation of the province has deteriorated and the
revised budget deficit for 2015-16 is $1.01 billion, an increase of $422 million
over what was anticipated in the 2015 budget.
There were relatively few
tax changes – the government announced it will review the province's personal
and business tax system to ensure it is meeting the needs of Manitobans and their
businesses. The small business venture capital tax credit that was to
expire at the end of this year was extended to the end of December 31,
2019.
The government announced it will be creating an advisory panel of
top business leaders who will work with the government to create new jobs and
promote economic growth. If you are approached to be part of the advisory
panel, please let AMC's President know as this type of engagement is important
and AMC will provide support as is appropriate. In addition, A Red Tape
Reduction Task Force will be established to address frustrations from business
owners and individuals alike. Many of the signs provided in the budget
are encouraging however, there is much that the new government will need to do
if it is to successfully correct the course.
The Manitoba budget and the various documents related to it are available here:http://www.gov.mb.ca/finance/budget16/index.html
Agricultural Manufacturers of Canada