Do you remember the time you saw your first pay cheque, and realized that it was much less than you had expected? That was probably your first exposure to being taxed. In Canada, some of the money you earn is transferred as taxes and some of it you spend on goods and services.
What the government does to affect the economy will affect how much you pay in tax and what kinds of services or initiatives those taxes fund. In turn, this shapes how far you’re able to stretch every dollar you earn and what services your taxes might be going towards.
The question then is: How do the federal parties aim to develop and reshape the Canadian economy? Below, we’ve listed a few of the promises that each party has made in regards to the issue.
The Liberal Party has vowed to…
- Make sure that people, including young people, don’t pay federal taxes on the first $15,000 they earn.
- Provide up to 10% off the purchase price of young people’s first home, and increase the qualifying value to nearly $800,000.
- Move forward with the Canada Training Benefit, which gives workers money to help pay for training, provides income support during training. This will also offer job protection so that workers can take the time they need for training and ensure that their is job safe when their training is done.
The NDP Party has vowed to…
- Boost the top marginal tax rate and ask the top multi-millionaires to pay a bit more towards shared services with a new 1 percent wealth tax over $20 million.
- Develop a national industrial strategy to build an advanced low-carbon manufacturing economy that will provide good middle-class jobs.
- Expand options for workers in designated sectors and regions to take employment insurance-funded training in advance of losing a job.
- Require employers to spend at least 1% of payroll on training for their employees annually.
The Conservative Party has vowed to…
- Repeal the carbon tax and allow the Provinces to decide if they want to put a price on carbon.
- Introduce a Universal Tax Cut by cutting the tax rate on income under $47,630 from 15 per cent to 13.75 per cent
- Introduce tax credits for public transit, children’s fitness and arts programs, and “green” home renovations and upgrades.
The Green Party has vowed to…
- Establish a Canadian Sustainable Generations Fund to make critical investments in trades, apprenticeships and education required for the transition to a green economy. These investments in skills training will complement targeted national infrastructure investments in energy efficiency, renewable energy production, digital upgrades, clean-tech manufacturing and emerging technologies, tourism, the creative economy, and the care economy.
- Enhance the federal Youth Employment and Skills Strategy by creating a Community and Environment Service Corps. This will provide $1 billion annually to municipalities to hire Canadian youth.
- Eliminate all fossil fuel subsidies, including payments and tax write-offs, valued at several billion dollars annually. These include the accelerated capital cost allowance on liquefied natural gas and tax write-offs for oil and gas wells, coal mining exploration and development
The People’s Party has vowed to…
- Lower taxes for all Canadians by raising the basic personal exemption to $15,000 (from $12,069 in 2019) and reducing the number of tax brackets from five to two, with incomes from $15,001 to $100,000 taxed at 15%, and income over $100,000 taxed at 25%.
- Phase out the supply management system regulating Canadian agriculture over a number of years to allow farmers to adapt and compensate them for the lost value of their quotas. This will allow dairy, egg and poultry farmers to sell their products without restrictions.
- Counter anti-oil and anti-pipeline propaganda from radical environmentalists and foreign foundations. In turn, repeal Bill C-48 (restrictions on oil tankers) and Bill C-69 (Federal environmental reviews), and approve pipelines projects using a streamlined process.
The Bloc Quebecois Party has vowed to…
- Campaign for the right to separate from Canada with full compensation and without any conditions placed on Quebec. Savings from the elimination of the two levels of government will be redirected towards programs within Quebec.
- Propose that Revenu Québec (Quebec’s Tax Collection Agency) administers all federal taxes. With only one tax return to file, this measure is expected to save individuals and businesses time and money.
Liked this recap? We also highly recommend you check out Pollenize and Canada Votes if you want a higher-level breakdown of each party’s platform.
