MB Budget:  April 30 -  Senior Sweeteners Announced

The 2015-2016 Manitoba provincial budget is scheduled to be tabled on April 30, 2015, but some of the goodies are already out of the bag.

Perhaps the embattled government wants to de-stress last minute filers; perhaps they simply want to avoid critiques from frenzied tax practitioners who will be working til midnight that day. Regardless, seniors will be happy to know their School Tax

Rebate will double in 2015 and become refundable by 2016.

But, there is a catch:  application must be made separately from the tax return, either online or by mail or fax. To qualify for the rebate, the taxpayer must meet these criteria:

• be least 65 years of age by the end of the application year,

• own and live in their home, and

• have school taxes not already fully covered by the existing Education Property Tax Credit.

Of course, any rebate received will reduce the Manitoba Property Tax Credit the taxpayer is entitled to.

In this pre-election period, Minister of Finance Dewar indicated: "Preparation work for the budget is in the final stages, and I can tell all Manitobans that despite the financial pressures caused by major flood damage, we'll have a budget that will take a balanced approach to providing front-line services.  We will stay focused on our plan to grow the economy and manage fiscal challenges."

Manitoba’s economic news is expected to be good:  growth of 2.9% is expected in 2015 up from 1.8% in 2014, according to the latest RBC Economics Provincial Outlook released in December.  Stay tuned to Knowledge Bureau Report for all the federal and provincial budget news and mark your calendar to attend the June Distinguished Advisor Workshops where Evelyn Jacks will drill down on the various budget details and focus on Use of Trusts in Tax and Estate Planning in the afternoon with her special guest Faculty.