A new year always comes with changes and Manitoba’s business landscape is no exception. From loan forgiveness and tax reductions to changes in pension and insurance contributions, here’s your concise overview of the latest developments affecting businesses in Manitoba.
- CEBA Loan Repayment: Eligible CEBA loan holders can get up to 33% forgiveness (up to $20,000) by repaying before January 18, 2024. Otherwise, it becomes a fixed-rate term loan at 5% interest due December 31, 2026. For CEBA questions, contact your financial institution or the CEBA Call Centre at 1-888-324-4201.
- Business Taxation: Thanks in part to advocacy from the Manitoba Chambers of Commerce, the Manitoba payroll tax (Health and Post Secondary Education Tax Levy) has been reduced effective January 1, 2024. The Manitoba payroll tax reduction benefits businesses with an annual payroll between $2–$4.5 million, saving some businesses nearly $11,000 annually.
- Personal Taxation: Manitoba’s 2024 income tax brackets see positive changes in 2024, partially due to advocacy work by MCC. This means that those earning $50,000 annually will see their tax payments fall by $633 (14%).
|
Tax Rate |
2023 Taxable Income | 2024 Taxable Income |
| 10.80% | first $36,842 | first $47,000 |
| 12.75% | over $36,842 up to $79,625 |
over $47,000 up to $100,000 |
| 17.40% | over $79,625 | over $100,000 |
- Canadian Pension Plan: In 2024, the maximum annual pensionable earnings increase to $68,500, raising the total employer and employee contribution by $113 to $3,867.50.
- Employment Insurance: The maximum insurable earnings rise to $63,200, resulting in a $47 increase in contributions for incomes at or above this level, now at $1,049.12.
- Temporary Gas Tax Reduction Effective January 1, 2024, the provincial fuel levy has been eliminated for six months.
Updates compiled January 8, 2024
