Premier Heather Stefanson joined us last week for our May 12 Manitoba Day #MBiz Breakfast for a discussion of economic recovery, our association’s tax review advocacy, as well as ongoing supports for business including the Venture Capital Fund.
During her keynote address, Premier Stefanson shared the following updates relevant to the business community:
- “On this Manitoba Day, I want you to know that after two long years, our government is moving forward with hope and optimism in the future.”
- According to preliminary estimates from the Manitoba Bureau of Statistics, our provincial real GDP expanded by 4.4% in 2021 – the largest real growth rate in over 20 years. In 2021, we gained 55,000 full-time jobs, setting a new annual high of our 532,000 jobs last year.
- Budget 2022 puts a plan for Manitoba into action, implementing the government’s five priorities:
- Strengthening health care.
- Making life more affordable.
- Building our economy.
- Investing in our communities.
- Protecting our environment.
- Over the pandemic, the government invested $3.1 billion to support individuals and businesses, including $650 million in business supports like the Bridge Grant Program.
- The government is increasing the Education Property Tax Rebate from 25 to 37.5%, and creating a new Residential Renters Credit.
- According to the Canadian Venture Capital and Private Equity Association, from 2018 to 2020, less than 1% of the value of venture capital investments in Canada occurred in Manitoba, despite our province representing 3.6% of Canada’s population and 3.3% of its economic output. To address this disparity, the 2022 Budget invests $50 million to create a new Venture Capital Fund to provide businesses with access to capital and funding for innovation. The government also made the Small Business Venture Capital Tax Credit permanent and expanded the credit to include contributions to venture capital funds.
Very special thanks to our series presenting sponsor, 6P Marketing, as well as to event sponsors, CPA Manitoba and Bioscience Association Manitoba – including president Kim Kline who provided opening greetings.
We also wish to acknowledge the many Cabinet Ministers, MLAs, and Chiefs who joined us for a great event (which included a special appearance by the Grey Cup!), as well as Jeremy Hildebrand of AgriHub for delivering thoughtful closing remarks.
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Read event coverage from CBC News.