December 31, 2010
Manitoba eliminates general corporation capital tax in the New Year
The Manitoba general corporation capital tax will be eliminated starting Jan. 1, 2011.
“This will save Manitoba businesses $119 million annually beginning in 2011,” said Finance Minister Rosann Wowchuk.
On Dec. 1, Manitoba became the first province in Canada to permanently eliminate the small business income tax rate.
“Combined, these two tax cuts will significantly help our businesses keep more money, allowing them to reinvest in their companies,” added Wowchuk.
The general corporation capital tax was eliminated for manufacturers and processors, effective July 1, 2008, providing savings of $25 million annually, the minister said.
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