2019 Federal Election Tax and Financial Platforms

The 2019 Canadian Federal Election will take place on October 21st. We added up the tax and financial platforms for the Conservative, Green, Liberal and NDP and parties (listed in alphabetical order) in their simplest form to see what their promises would mean for you and your bottom line. 

Tax Brackets

(Currently for those earning under $147,000 annually, no tax is paid on income below $12,069)

conservative_party_of_canada CONSERVATIVE 

  • The initial $47,630 of income will be reduced from 15% to 13.75% by 2023
  • Savings $444/year 

Green Party of Canada GREEN

  • 1% tax on net (family) wealth above $20,000,000

liberal_party_of_canada LIBERAL 

  • Over the next four years, the exemption limit will be increased to $15,000
  • Savings once fully phased $293/individual or $585/family

ndp_party_of_canada NDP

  • Tax on income over $210,371 will increase by 2% – 35%
  • 1% wealth tax on those making more than $20,000,000

Corporate Tax

conservative_party_of_canada CONSERVATIVE 

  • Small business to remain at 9%
  • Corporations that are “green technology companies” will have tax reduced from 15% to 5%

Green Party of Canada GREEN

  • Small business to remain at 9%
  • Other corporations will have tax increased to 21% (from 15%)
  • Prohibit Canadian business from deducting the cost of advertising on foreign-owned sites (Google, Facebook, etc.).  
  • Eliminate the 50% corporate meals and entertainment deduction
  • Corporate tax will be implemented on transnational e-commerce doing business in Canada – for instance, Netflix, Amazon, Google, etc.

liberal_party_of_canada LIBERAL 

  • Small business to remain at 9%
  • Corporations making zero emission products/technologies will have tax reduced by 50%

ndp_party_of_canada NDP

  • Small business to remain at 9%
  • Corporations not earning small business income, the net general tax rate will increase by 3% to 18%
  • New tax treatments for family transfers of small businesses to make easier for families to pass onto future generations

 

Wage and Compensation for Workers

Green Party of Canada GREEN

  • Establish a minimum wage of $15/hr 

liberal_party_of_canada LIBERAL 

  • Establish a minimum wage of $15/hr 

ndp_party_of_canada NDP

  • Establish a minimum wage of $15/hr 
  • Establish rules to require that part-time and contract workers are compensated equally to full-time workers 

 

Maternity and Paternity Leave

conservative_party_of_canada CONSERVATIVE 

  • EI benefits will become a non-refundable tax credit 
  • Savings if you receive maximum benefits $4,215 

liberal_party_of_canada LIBERAL 

  • Removal of any tax from monthly cheques
  • Savings if you receive maximum benefits $4,215 

 

Old Age Security and CPP Benefits

liberal_party_of_canada LIBERAL 

  • Increase by 10% for seniors when they turn 75
  • Additional Benefit of  $729/year

liberal_party_of_canada LIBERAL 

  • Increase Canada Pension Plan and Quebec Pension Plan survivor’s benefit by 25%
  • Additional Benefit of $2,080/year

 

Canada Child Benefit

liberal_party_of_canada LIBERAL 

  • Increase by 15% for any child under one years of age
  • Savings up to $996

 

Capital Gains Inclusion

ndp_party_of_canada NDP

  • Increase tax inclusion rate from 50% to 75%

 

Children’s Art and Learning Tax Credit (previously eliminated)

conservative_party_of_canada CONSERVATIVE

  • Maximum claim of $500 per child
  • Refundable tax credit
  • Savings up to $75/year

 

Children’s Fitness Credit (previously eliminated)

conservative_party_of_canada CONSERVATIVE

  • Maximum claim of $1000 per child
  • Refundable tax credit
  • Savings up to $150/year

 

Green Public Transit Tax Credit (previously eliminated)

conservative_party_of_canada CONSERVATIVE 

  • If you paid $1,000 in eligible transit costs (such as weekly or monthly transit passes), you would receive a non-refundable tax credit. This would reduce your taxes owing – however, if you don’t have any taxes payable, you aren’t getting anything back. 
  • Possible savings $0-$150 (based on the tax credit rating staying at 15% and does not reduce to 13.75% under the universal tax cut proposed by the Conservatives

 

If you have questions about how these changes will affect you or your business, book with us today. We pride ourselves on being a reliable and credible source of information for all of our clients, making sure it all adds up for you!

   

 

 

 

 

 

Resources:

https://www.cbc.ca/news/politics/major-campaign-promises-federal-election-1.5311181

https://newsinteractives.cbc.ca/elections/federal/2019/party-platforms/

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