keep this website free for you. TaxTips.ca does
not research or endorse any product or service appearing in
ads on this site.
Before making a major financial decision you
should consult a qualified professional.
Personal income tax bracket thresholds
will increase in 2024 to $47,000 and $100,000, with a return to annual
indexing in 2025.
Continuing to phase out school taxes by increasing the rebate for
residential and farm properties from 37.5% to 50% in 2023.
Health and Post-Secondary Education Tax Levy exemption threshold raised
from $2 million to $2.25 million of annual remuneration effective January 1,
2024, and threshold for reduced rate is raised from $4 million to $4.5
Interactive Digital Media Tax Credit: Effect April 1, 2023, expenditures
Mineral Exploration Tax Credit is made permanent.
Green Energy Equipment Tax Credit is made permanent.
Changes - 2020 Budget indicates that the previously announced (below)
retail sales tax rate reduction, introduction of a green levy and the tobacco
tax rate increase that were effective July 1, 2020 have all been deferred
until further notice.
of the Seniors
Economic Recovery Tax Credit (COVID-19): $200 refundable tax
credit was claimed on 2020 tax returns if the eligible senior did not
receive a $200 advance payment for this (sent May and June). This can
be entered in the Detailed
Canadian Tax and RRSP Savings Calculator, in the input field for
refundable tax credits, just before the Income tax payable (refundable if
Retail sales tax
(RST) rate reduced from 7% to 6% effective
July 1, 2020 - deferred until further notice.
Preparation of personal income tax returns will be exempt
from RST effective Oct 1, 2020.
fees will be eliminated as of July 1, 2020 (as announced in December 2019)
Green Levy: Effective July 1, 2020, Manitoba will introduce
a green levy of $25 per ton. RST will not be levied on the green
levy. It's expected that the RST reduction will more than offset the green
levy. - deferred until further notice.
Tobacco Tax will increase effective July 1, 2020 - deferred until