[April 12, 2024] More Homeowners Stand to Benefit from New Plan Unveiled in Budget 2024: Sala
The Manitoba government’s $1,500 Homeowners Affordability Tax Credit will reduce or eliminate school taxes for 84 per cent of Manitoba homeowners, Premier Wab Kinew and Finance Minister Adrien Sala announced today.
“We’re providing relief for Manitoba homeowners with the new Homeowners Affordability Tax Credit,” said Kinew. “Our plan will save Manitobans money and make it easier to pay your mortgage or afford your first home. This, along with all the other measures announced in our budget, will put more money in the pockets of Manitobans.”
Starting in 2025, the School Tax Rebate and Education Property Tax Credit will be replaced by the new Homeowners Affordability Tax Credit of up to $1,500 on principal residences. This new model will provide relief for more households than the current one, noted the premier, and effectively eliminates education property taxes for homes with assessed values of approximately $285,000 and below.
“The previous government wanted to give breaks to out-of-province billionaires – we’re not doing that,” said Sala. “This new tax credit will provide help for all Manitobans but particularly those who need it most. Our plan will benefit the vast majority of homeowners more than under the previous government’s plan, and rather than sending out cheques, we’re applying the credit directly to the property tax statement, allowing those who pay their property taxes monthly to save every month.”
The School Tax Rebate for farm properties is being maintained at 50 per cent as part of the government’s commitment to support producers and their families, noted the minister.
“We work hard every day and we love the communities we live in,” said Sally Hamilton, a homeowner in south Winnipeg. “Rising inflation has added pressure to our families, leaving us with less and less of our hard-earned money. My husband recently retired and needed to re-evaluate our finances, and we need all the help we can get.”
This tax change will make it easier for young Manitobans to buy their first home and easier for homeowners to afford their mortgage payments, the minister added.
More information about Budget 2024 can be found at www.manitoba.ca/budget2024.
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