The Carillon - ONLINE EDITION
By: Geralyn Wichers
Posted: 03/7/2019 3:05 PM
Get ready for a Happy Canada Day, Manitoba. This year, your taxes are going down.
Finance Minister Scott Fielding announced a one percent cut to the PST as part of the 2019 budget tabled in Legislature on Thursday afternoon.
The decrease will take effect July 1.
Fielding told reporters he was "very proud" to fulfill what was a key campaign promise for the Tories in the 2016 election.
"We’re living within our means," Fielding said, citing balanced departmental budgets when asked if it was right to cut taxes while continuing to borrow money to make budget.
The PST cut is projected to result in a loss in revenue of $237 million in the 2019-20 budget, based on its implementation in July. It is projected to cost $325 million over the course of a full year.
The province's federal transfers are expected to increase by $319 million.
Update: Revises PST revenue and federal transfer totals.
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