On April 7, 2021, Finance Minister Scott Fielding tabled Manitoba’s 2021-22 budget (Budget 2021).
The estimates provided in Budget 2021 show a deficit of $2.1 billion for the 2020-21 fiscal year, which is $12 million less than the deficit projected for the same fiscal year in the previous budget.
The government announced a budget of approximately $16.7 billion with a projected deficit of $1.6 billion for fiscal year 2021-22. More than 40% of the budget, $6.98 billion, is allocated to health care spending.
The government plans to return to a balanced budget within eight years.
Business tax measures
Corporate tax rates
No changes to the corporate tax rates, or the $500,000 small business limit, are proposed.
Manitoba’s corporate tax rates for 2021 are summarized as follows: