Manitoba: Budget 2023 – Tax Relief Now, Surplus Still Expected Much Later

Manitoba now projects deficits of $378M (0.4% of nominal  GDP) in fiscal year 2022–23 (FY2023), $363M (0.4%) in FY2024, and $294M (0.3%) FY2025. Those figures represent incremental reductions in the size of the deficit versus last year’s plan. The signature new policy measure was an increase in the province’s Basic Personal Amount, intended to ease cost of living pressures amid stretched affordability and decades-high inflation. As in last year’s fiscal blueprint, the province intends to return to balance in FY2029.