New Benefits to New Taxes: How the Liberal Platform Would Affect Your Bottom Line – National

On Wednesday, the Liberals were the last major party to release their platform, which promises $ 78 billion in new spending over the next five years.

The 82-page document details Liberal Leader Justin Trudeau’s vision for the coming months of the pandemic and beyond, detailing how a newly elected Liberal government would support the rollout of vaccine passports, reduce emissions in the oil and gas sector and make facing the legacy of residential schools, among many other commitments.

“With the next 18 months and the next 18 years… we have a plan to move forward for everyone,” Trudeau told reporters Wednesday.

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Overall, the Liberals’ re-election plan is expected to generate $ 25.5 billion in new revenue over the next five years, adding $ 70 billion to the federal debt over the same period. The Liberals are the first major party to include the full cost of their platform, but due to time constraints the Parliamentary Budget Office has not cost all promises.

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The re-election platform has all the major announcements Trudeau has made so far on affordability issues, from tackling the housing crisis to overhauling unemployment benefits to the Liberals’ signed pledge to create a universal child care system at $ 10 a day. But there are also a host of smaller proposals, including an expanded and increased tax deduction for working from home, a federal disability benefit, and the creation of a “right to repair” home appliances and electronics. The Liberals also want to create a minimum tax rule ensuring that top earners pay at least 15 percent each year.

Here’s a look at the promises that would have a direct impact on the results of Canadians:

After an opening section detailing how a new Liberal government would end the fight against COVID-19, the platform talks about housing, perhaps the number one concern for the key Millennial demographic. The list of promises on how the party intends to tackle the affordability crisis even precedes details of the Liberals’ $ 10-a-day child care plan, which had been the center of election rhetoric by the Liberals. liberals in the first phase of the campaign.

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In addition to the commitment to build or repair 1.4 million homes over four years, the document contains an array of promises for homebuyers. These include setting up a Tax Free Savings Account to help first-time buyers under the age of 40 save up to $ 40,000 for a down payment. The Liberals also want to put in place a lease purchase program that would help younger tenants buy back their owners. And the party is proposing to cut CMHC mortgage insurance rates by 25 percent, as well as raise the home price threshold for insured mortgages.

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Election in Canada: Trudeau presents the main elements of the Liberal 2021 campaign platform

Election in Canada: Trudeau presents the main elements of the 2021 Liberal campaign platform – September 1, 2021

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The Liberals also promise to tighten protections for homebuyers, including banning blind auctions on residential real estate, which prevents potential buyers from knowing about other people’s bids and has been named to drive up prices for homes. houses.

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The party also wants to introduce a legal right to a home inspection. However, the platform does not explain how the federal government would implement the changes since real estate rules are established at the provincial and territorial level.

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In addition to the promise to create a universal daycare at $ 10 a day, the platform contains a few other proposals that would affect parents and Canadians trying to start growing their families.

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The Liberals want to allow new parents to put their federal student loans on hold until their youngest child turns five.

The party is also proposing to grant up to five new days of paid leave to Canadians who suffer a miscarriage or stillbirth. This would apply to those who work for a federally regulated employer.

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For seniors, Liberals pledge to move forward with plan to increase Old Age Security benefits by 10% next year for people aged 75 and over as of July 2022 .

The party promises to increase the Guaranteed Income Supplement by $ 500 per year for single seniors and $ 750 for couples, starting at age 65.

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In addition, the Liberals have said they will work with the provinces and territories to increase survivor benefits under the Canada pension plan and the Quebec pension plan by 25 per cent.

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How vaccine passports became a campaign issue

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After Temporarily Freezing Debt Repayments and Interest Accumulation on Federal Loans Due to Pandemic, Liberals Propose to Eliminate Federal Interest on Canada Student Loans and Canada Apprentice Loans Permanently .

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Trudeau also wants to raise the income threshold below which Canadians would be eligible to make no payments on their Canada student loans from $ 25,000 per year to $ 50,000 per year.

As part of their plan to overhaul the federal social safety net, the Liberals are proposing to introduce a new EI benefit for self-employed Canadians that would be similar to the type of unemployment assistance that employees currently receive. eligible for employment insurance. The platform indicates that the service could provide nearly $ 15,500 over 26 weeks.

For those who work away from the office, the plan proposes to extend the temporary work at home tax by two years and increase the deductible amount from $ 400 to $ 500.

A newly elected Liberal government also promises to develop a new policy establishing the “right of workers to log off” at the end of a workday.

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Election in Canada: Conservatives promise employment insurance for odd jobs

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For Canadians with Disabilities

Among other promises made to Canadians with disabilities, the Liberals pledged to create a new Canada Disability Benefit for low-income Canadians with disabilities between the ages of 18 and 64. The benefit, they say, “would reduce poverty among people with disabilities in the same way as the Guaranteed Income Supplement and Canada Child Benefit.”

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On new personal taxes, the Liberals say they want to establish a “minimum tax rule” that would ensure that Canadians with incomes high enough to be in the top tax bracket pay a tax rate. at least 15% per year. . The measure would aim to remove “the ability of high incomes to artificially pay no tax through excessive use of deductions and credits,” says the platform.

In addition, the party wants to implement a national tax on real estate reversal. The Liberals say they would also go ahead with their tax on empty houses and land held by non-residents and non-Canadians. They were also moving forward with plans announced in the budget to impose new taxes on luxury cars, boats and airplanes, as well as vaping products and tobacco.

Finally, if you’ve been dealing with a leaking blender or a faulty laptop screen, this one may be for you. The Liberals want to establish a “right to repair” home appliances and electronics by requiring manufacturers to provide repair manuals and spare parts. They would also introduce a 15% tax break to cover the cost of home appliance repairs performed by technicians (up to $ 500).

© 2021 Global News, a division of Corus Entertainment Inc.

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