RESENDING: The Chamber Connection (Golf Event Date Correction)

Minister of Finance Honourable Cameron Friesen delivered the Government of Manitoba’s 2022 Budget Address at the Manitoba Legislative Building on April 12. The Minister provided an updated accounting of provincial finances and laid out his government’s spending plan for the 2022/23 Fiscal Year.

Budget 2022 reduces the deficit by more than $1 billion in comparison to last year and the government is projecting a deficit in 2022/23 of $548 million. The Province has suggested that it is on track to return Manitoba’s books to balance within the next seven years.

Gross Domestic Product is projected to grow by 3.6% this year and government spending is forecast to increase to $19.9 billion, up from $19.4 billion last year.

Health continues to be the government’s most robust department, with $6.7 billion in spending projected for 2022/23. Education and Early Childhood Learning comes in second with $3.5 billion budgeted this year.

What is of concern is that if the costs associated with debt servicing were a government department, it would make up the government’s fifth largest with over $1 billion in spending projected for this year.

The provincial budget offered new details on the creation of a Venture Capital Fund, which was announced in last year’s Throne Speech. The provincial government is investing $50 million to give Manitoba companies access to equity, funding for innovation, and support to expand and grow.

Budget 2022 also makes the Small Business Venture Capital Tax Credit permanent. This is something that MCC called for in our budget recommendations.

The government is moving ahead with a plan to eventually eliminate the education property tax. This year’s budget increases the Education Property Tax Rebate from 25% to 37.5% for residential and farm properties. Next year, Manitobans are projected to receive a 50% Education Property Tax Rebate.

Click here for:• Overview• Budget Highlights• Implications for Manitoba's Economy and the Business Community• Manitoba Chambers' Perspective

The Print Member Directory is Here

All Chamber members will be mailed a copy next week! To view a PDF copy, click here.

Thank you to the Red River Exhibition Association for the wonderful cover image! A picture sure is worth a thousand words, and this one sure sums up the past couple of years, and also for what the future may hold - the sky is the limit!

Three ways to use the guide:

Connect - Flip through pages 27 to 56 to see how many of our Chamber members you know; either through business or personal. Take the time to connect for the first time or reconnect with an old friend. Need to connect with our local government officials; municipal, provincial, and federal? They are all listed on page 77.
Support Local - Look for a local provider of a product or service that you need by using our Buyers’ Guide, pages 57 to 76. We have many great, locally made products and reliable services offered in West Winnipeg.
Invest & Save - Wonder why businesses choose to join the Assiniboia Chamber of Commerce? Pages 12 to 20 highlight our Member Benefits, and Savings and Discounts that all members have access to.

Of course, everything is on the Chamber's website too, including our online Chamber Directory.

**ATTENTION MEMBERS, if you see changes needed to your online profile, connect with the Chamber office to get your profile looking exactly how you want it to.**

Federal Budget 2022 Summary and Analysis

April 8, 2022, Manitoba Chambers of Commerce, Elisabeth Saftiuk, Director of Policy

The Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented Budget 2022 in the House of Commons on Thursday April 7. The Budget focused on three pillars: investing in people, growing the economy under the green transition, and tackling productivity and innovation. The Budget also contained a focus on Canada's place in the world. There was also a continued emphasis on existing government priorities such as climate change and housing affordability for Canadians.

Highlights include:

Investing $4 billion over five years for funding to the Canadian Mortgage Housing Corporation to launch a Housing Accelerator Fund to support cities in increasing housing supply, such as per-door incentives. The fund will consider rural community situations.
Creation of a Tax-Free Home Savings Account to provide prospective first-time homebuyers with the ability to save up to $40,000. Contributions would be tax-deductible (like an RRSP), and withdrawals including investment income would be non-taxable (like a TFSA).
Creation of the Canada Growth Fund, which would operate at arms-length from the federal government, to attract investment towards the policy goals of emissions reductions, supporting exports, and supply chains.
$1.5 billion over seven years for infrastructure investments to support critical mineral supply chains, plus a further $1.5 billion to support manufacturing, processing and recycling applications.
Introduction of a 30% Critical Mineral Exploration Tax Credit, with a particular focus on nickel, lithium, cobalt, graphite, REEs, vanadium, tellurium, gallium, scandium, titanium, magnesium, zinc and platinum.
Commitment to develop a post-pandemic Federal Tourism and Growth Strategy, including $20 million over two years, starting in 2022-23, in support of a new Indigenous Tourism Fund.
Additional taxes on banks and insurance companies, including a one-time 15% tax on income above $1 billion under the Canada Recovery Dividend, and permanently raising the corporate income tax on banks and insurance companies by 1.5% on income over $100 million.
Introducing a gradual phase-out of access to the small business tax rate, with access to be fully phased out once a business reaches $50 million of capital rather than the current $15 million. This will save small businesses an estimated $660 million over four years.
Up to $30 million over two years, starting in 2022-23, to Environment and Climate Change Canada to administer direct payments to support emission-intensive, trade-exposed SMEs in Alberta, Saskatchewan, Manitoba and Ontario.
$329.4 million over six years (with $0.6 million in amortization), starting in 2022-23, to triple the size of the Agricultural Clean Technology Program.
$48.2 million (with $2.8 million in remaining amortization) towards a new streamlined foreign worker program for agriculture and fish processing employers.

The Canadian Chamber of Commerce has reviewed the budget’s contents and has provided their insights and an in-depth analysis, which may be of interest to the Chamber Network.

1. Budget 2022 Summary (Policy Team Report)

2. Budget 2022: More fiscal room and some more spending (Chief Economist Report)

In The News

• Province Seeks Input through EngageMB Survey to Inform Future Tuition and Student Fee Policy (survey open until May 21, 2022) Province of Manitoba, April 8, 2022

• Manitoba Announces New Council of the Federation Mental Health and Additions Award (nominations open until May 1, 2022) Province of Manitoba, April 8, 2022

• Current Public Health Orders Province of Manitoba

Federal Government Announces the Canada Digital Adoption Program (CDAP)

1. Grow Your Business Online

Eligible businesses can receive a micro-grant of up to $2,400 to help with the costs related to adopting e-commerce and be supported by a network of e-commerce advisors.

2. Boost Your Business Technology

SMEs that want to further improve their productivity and become more competitive in the digital marketplace can turn to Boost Your Business Technology funding. Eligible businesses must have between 1 and 499 employees and have annual revenue between $500,000 and $100 million. Up to 70,000 SMEs will be supported by Boost Your Business Technology funding.

Businesses interested in this funding may be looking to adopt new customer relationship software, digital inventory management systems, network security software and other technologies that will improve their bottom line, such as artificial intelligence, machine learning and robotics.

More Information

Discounted Credit Card Processing Rates through FiServ (formerly FirstData)

Business Savings for Assiniboia Chamber Members

With FiServ, you’ll receive simplified, easy to understand pricing for your point of sale payments with:

• No hidden fees

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We offer a complete range of credit and debit card solutions, next day deposits, as well as 24/7 customer service, and on-site support. Our various systems and solutions are tailored to your individual business needs, and designed to simplify how your business operates.

Connect with the Assiniboia Chamber of Commerce at (204) 774-4154 today! We will connect you with our Chamber's FiServ representative to get you a free quote.