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2nd Session, 41st Legislature

This HTML version is provided for ease of use and is based on the bilingual version that was distributed in the Legislature after First Reading.

Bill 216

THE FINANCIAL ADMINISTRATION AMENDMENT ACT (ECONOMIC INDICATORS)


  Bilingual version (PDF) Explanatory Note

(Assented to                                         )

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. F55 amended

1           The Financial Administration Act is amended by this Act.

2           The following is added as sections 67.5 and 67.6:

Long-term fiscal outlook

67.5(1)     In each fiscal year, the Minister of Finance must prepare a long-term fiscal outlook that sets out a forecast of the following information for the current fiscal year and the next four fiscal years:

(a) the total expected core government revenues and expenses and a separation of those totals into the categories set out in the public accounts;

(b) the total expected assets and liabilities and a separation of those totals into the categories set out in the public accounts;

(c) the total expected net debt and accumulated deficit.

Format of long-term fiscal outlook

67.5(2)     A fiscal outlook prepared under subsection (1) must

(a) be prepared in the same format and with the same detail as the public accounts; and

(b) include a comparison between the forecast data for each fiscal year with the actual results for the previous fiscal year set out in the most recent public accounts.

Long-term fiscal outlook to be tabled

67.5(3)     The Minister of Finance must table the long-term fiscal outlook in the Legislative Assembly along with the public accounts under clause 65(2)(b).

Long-term fiscal outlook to be included in public accounts

67.5(4)     The fiscal outlook referred to in subsection (3) must be included in the public accounts for each fiscal year.

Definitions

67.6(1)     The following definitions apply in this section.

"basic household costs" means the total of the representative annual costs incurred by a household described in subsection (2) in the applicable fiscal year in the following categories:

(a) rent or mortgage payments;

(b) child care;

(c) utilities;

(d) public transit or automobile insurance costs. (« dépenses de base des ménages »)

"major taxes" means the total of the following taxes paid by a household described in subsection (2) in the applicable fiscal year:

(a) personal income tax payable under the Income Tax Act (Canada);

(b) goods and services tax collected under Part IX of the Excise Tax Act (Canada);

(c) individual income tax payable under Division I of Part I of The Income Tax Act;

(d) tax collected under The Retail Sales Tax Act. (« taxes et impôts principaux »)

Major taxes and basic household costs comparison chart

67.6(2)     In each fiscal year, the Minister of Finance must prepare a chart that shows a comparison, for all Canadian provinces and territories, of the sum of the major taxes and basic household costs incurred or paid by the following types of households:

Individual or Family Annual Gross Household Income
Single individual with a disability $25,000
Single parent with one child $30,000
Single income family with two children $40,000
Dual income family with two children — one earner earning 60% of household income $60,000
Senior couple $60,000
Single individual $70,000
Dual income family with two children — one earner earning 60% of household income $75,000

Comparison chart to be tabled

67.6(3)     The Minister of Finance must table the comparison chart in the Legislative Assembly along with the public accounts under clause 65(2)(b).

Comparison chart to be included in public accounts

67.6(4)     The comparison chart referred to in subsection (3) must be included in the public accounts for each fiscal year.

Coming into force

3           This Act comes into force on the day it receives royal assent.

Explanatory Note

This Bill amends The Financial Administration Act to require the Minister of Finance to prepare, for each fiscal year,

  • a long-term fiscal outlook; and
  • a chart comparing major taxes and basic household costs across all provinces and territories for a range of representative households.

The fiscal outlook and chart must be tabled in the Legislative Assembly and included in the public accounts.