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Winnipeg Free Press - ONLINE EDITION
MB soon to wipe out general corporation capital tax
Manitoba will have wiped out its general corporation capital tax Saturday.
The tax was eliminated July 1, 2008 for manufacturers and processors and, as of Jan. 1, other corporations won’t have to pay it, either.
The change will save Manitoba businesses more than $119 million annually starting next year, Finance Minister Rosann Wowchuk said in a press release issued today.
The Manitoba Chambers of Commerce said the province jumped at an offer of federal incentive to eliminate the tax, and deserves credit for acting on it quickly.
"Each province had until 2011 to accommodate that removal," said president Graham Starmer.
"The province was very proactive a couple of years ago in 2008 removing it from manufacturers and processors," he said. Now it is following through and totally removing it.
On Dec. 1, Manitoba became the first province in Canada to permanently eliminate the small business income tax rate.
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