By David Ljunggren
Canada’s Election Overview
Canada’s general election will take place on Monday, with a tight race between the ruling Liberals and the official opposition Conservatives.
Liberals
Dealing with U.S. President Donald Trump
Prime Minister Mark Carney states that Canada’s retaliatory tariffs on over C$60 billion ($43.25 billion) of U.S. imports will stay until the U.S. removes its tariffs. He plans to redefine Canada-U.S. economic and security relations post-election, though specifics on the U.S.-Mexico-Canada Agreement (USMCA) implications are unclear.
Taxes
- Proposes a one-percentage-point reduction in the lowest tax bracket.
- This will save two-income families up to C$825 yearly and help over 22 million Canadians, primarily benefiting middle- and low-income individuals.
- Eliminate Goods and Services Tax for first-time home buyers on properties under C$1 million, saving up to C$50,000.
Deficit
Carney aims to decrease the federal deficit to 1.96% of GDP by the 2025-26 fiscal year, eventually reaching 1.35% by 2028-29, without cutting transfers to provinces or individuals.
Security
Plans include accelerated military investment, new submarines, and enhanced Coast Guard capabilities, alongside a recruitment drive to address a shortfall of 14,500 personnel. Defense spending would surpass the NATO target of 2% of GDP.
Trade Diversification
A commitment of C$5 billion into a new Trade Diversification Corridor Fund aims to enhance trade relationships globally, create jobs, and boost economic growth.
Energy
Plans to aggressively develop national resource projects and establish a Major Federal Project Office to expedite decision-making on major projects.
Housing
Government will help develop affordable housing and provide over C$25 billion in financing to prefab builders, along with tax reductions for first-time home buyers.
Help the Auto Industry
Introducing a C$2 billion strategic response fund to enhance competitiveness and bolster the supply chain.
Crime
A plan to recruit 1,000 police officers and 1,000 border guards to combat trafficking and organized crime. Proposed changes to toughen the criminal code regarding serious offenses.
Conservatives
Dealing with Trump
Proposing simultaneous tariff eliminations and early renegotiation of the USMCA under leader Pierre Poilievre.
Energy Policy
Creation of a rapid resource project office for approvals and a national energy corridor to expedite critical infrastructure like railways and pipelines.
Housing
Elimination of federal sales tax on new homes under C$1.3 million, potentially saving home buyers up to C$65,000.
Security
Plans to double the number of Canadian Rangers in the Arctic and build three military bases in the north.
Taxes
Focus on cutting the lowest tax bracket by 15%, benefiting taxpayers by C$900 annually. Proposals to eliminate capital gains tax on reinvested profits and increase Tax-Free Savings Account contributions for investments in Canadian firms.
Spending
Goals to cut the federal deficit by 70% through reduced bureaucratic and foreign aid spending.
Crime
Strict sentencing proposals for serious offenses, including life sentences for repeat offenders.
Comments (5)
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09:38 - 26/04/2025
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