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November 1, 2006 PROVINCE EXTENDS FEDERAL TAX SUPPORTS TO MANITOBA SENIORS– – –Pensioners in Manitoba Able to Split Eligible Pension Income For Provincial Tax Purposes: Selinger Finance Minister Greg Selinger today announced that beginning in 2007, Manitoba will parallel the federal tax supports recently announced and allow pensioners to split eligible pension income for provincial tax purposes.
“The province is pleased to parallel this change which allows pensioners to split eligible pension income, providing much needed assistance to seniors,” said Selinger.
Canada’s income tax system generally requires each individual taxpayer to report and pay tax on all of the income they earn. Recognizing the special challenges facing pensioners, the province will parallel the federal tax support which allows residents who receive income that qualifies for the existing pension income tax credit to allocate to their resident spouse or common-law partner up to half of that income, allowing pensioners to save on the taxes they pay.
“We know that many seniors are on a fixed income and this change will provide pensioners with about $11 million in new provincial tax relief annually,” said Selinger.
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