Election Countdown: Harper, Mulcair and Trudeau on the Economy

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Images: Facebook / Vancity Buzz Composite

With the federal election just days away, the candidates are on the last leg of their campaign trail, speaking on as many issues as possible to try to secure the votes of Canadians. The economy has been a very pressing topic during this campaign with Stephen Harper, Tom Mulcair and Justin Trudeau all making many promises about how they will make sure Canada has a stable and secure economic future. They are all ensuring more jobs for Canadians and stability for the middle class, but the ways they are planning to achieve these goals are very different.

Images: Facebook / Vancity Buzz Composite

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Here are some key points from the Conservative, NDP and Liberal platforms on the economy:

Stephen Harper and the Conservatives promise to:

  • Balance the nation’s budget every year, for the next four years by controlling the growth of direct program spending and maintaining the operating budget freeze for one more year
  • Pass “tax lock” legislation that prohibits increases to federal personal and business income tax rates, sales tax rates and discretionary payroll taxes over the next four years
  • Cut taxes on small businesses from 11% to 9% by 2019 – have already reduced corporate taxes from 22% to 15%
  • Support income splitting
  • Protect the TFSA (tax free saving account) and the doubling of annual contribution limit of $10,000 per year
  • Create 1.3 million new jobs by 2020
  • Ratify and implement the Trans-Pacific Partnership agreement
Read the full Conservative party platform here.

Tom Mulcair and the NDP promise to:

  • End tax breaks for the wealthiest Canadians
  • Not implement increase on personal income tax
  • Cancel income splitting
  • End tax breaks for CEOs and redirect the $500 million in savings to support Canadians in poverty and the working poor
  • Increase corporate tax rate from 15% to 17%
  • Cut taxes for small businesses from 11% to 9%
  • Repeal TFSA doubling
  • Create iCanada – an initiative that will make it easier for Canadian investors to gain access to financial incentive and government supported programs to expand their manufacturing project in Canada
  • Increase minimum wage to $15 an hour
  • Create 40,000 jobs, co-op placements and internships for youth
  • Not implement the Trans-Pacific Partnership agreement
Read the full NDP party platform here.

Justin Trudeau and the Liberals promise to:

  • Cancel tax breaks and benefits for the wealthy and introduce the Canada Child Benefit to assist families and their children
  • Cut the middle income tax bracket from 22% to 20.5%
  • Increase taxes for wealthy Canadians by creating a new tax bracket of 33% of those earning over $200,000 a year
  • Cancel income splitting
  • Cancel TFSA limit increase from $5,500 to $10,000
  • Create 40,000 jobs for Canadian youth and 5,000 green jobs for youth each year for the next three years
  • Invest $300 million in the Youth Employment Strategy
  • Hold an open public debate in Parliament to ensure Canadians are consulted on the Trans Pacific Trade Agreement
  • Run “modest short-term” deficits of less than $10 billion in each of the next two years
  • Balance the budget in 2020
Read the full Liberal party platform here.

 

Image: Canadian Election / Shutterstock

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Simran Singh is a Contributor at Vancity Buzz. She is currently pursuing her Masters of Journalism at the University of British Columbia. She is a big fan of coffee, writing and exploring Vancouver. Send a story idea her way at simran@vancitybuzz.com
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