Budget 2023

Summary: Manitoba Budget 2023

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Finance Minister Cliff Cullen tabled Manitoba’s 2023-24 budget (MB Budget 2023) on March 7, 2023. 

MB Budget 2023 estimates a deficit of $378 million for the 2022-23 fiscal year, compared to a $548 million deficit projected in the previous budget.   

Manitoba anticipates balancing the budget by 2028-29. 

Fiscal projections for the next four years are as follows: 

Year Projected surplus (deficit)
2023-24 ($363 million)
2024-25 ($294 million)
2025-26  ($197 million)
2026-27 ($53 million)

Key insights include:

  • No changes to the corporate tax rates or the $500,000 small business limit.

  • Increase to the personal tax bracket thresholds for 2024.

  • Increase to the Basic Personal Amount for 2023 to $15,000, providing up to $1,620 in relief to eligible individuals.

  • Increase to the exemption threshold for the Health and Post-Secondary Education Tax Levy to reduce payroll taxes for employers in construction, manufacturing, retailer, wholesaler, professional and restaurant sectors.

  • Other notable items such as significant investments in the health care system, education and increases to minimum wage.

Visit our Budget 2023 hub to learn more about all federal and provincial budgets.


The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.

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