The next Canadian federal election is coming up on Monday, April 28th.
Former two-time central banker, Mike Carney, was sworn in as Canada’s new Prime Minister earlier this year after being elected leader of the Liberal Party of Canada. And of course, after Justin Trudeau resigned from the position.
Cost of living has become a major concern among Canadians. 71% of Canadians considered the rise in cost-of-living expenses their primary concern, according to a 2025 Consumer Debt Report released by the Credit Counselling Society.
Here’s a breakdown of what each party is promising.
The Liberal Party
The Liberal party plans to reduce the marginal tax rate on the lowest tax bracket by one percentage point, ensuring that a dual-income family will save up to $825/year.
It would suspend rules preventing people from collecting employment insurance for six months if they have a severance package. In addition, the Liberals want to increase the calculations of regional unemployment rate percentages to make EI more accessible for people in those markets.
Amid Donald Trump’s tariffs, Liberal Leader Mark Carney promises the liberals will reduce the minimum amount that must be withdrawn from a Registered Retirement Income Fund by 25% for one year, and increase the Guaranteed Income Supplement by 5% for a year.
Mike Carney has also declared the elimination of GST, on all homes up to $1 million for first-time homebuyers, saying it could save Canadians up to $50,000 on the cost of a home.
The Conservative Party
The Conservatives, led by Pierre Poilievre, intend to drop the tax rate on the lowest income tax bracket from 15% to 12.75%.
They plan to cut income tax by 2.25%, which they claim could save a dual-income family about $1,800 per year. Capital gains will be deferred if the proceeds are reinvested in Canada.
They promise to increase the annual TFSA contribution limit by $5,000/year on the condition the funds are invested in Canadian companies.
GST on new homes sold for under $1.3 million will no longer have GST.
The conservatives claim that working seniors with an annual income under $42,000 can earn as much as $34,000 without paying taxes. In addition, seniors could continue to contribute to RRSPs until they reach 73 instead of 71.
Travelling trades workers may also write off the full cost of food, transportation and accommodation.
New Democratic Party
New Democrats promise to raise the amount of untaxed income from $16,129 to $19,500, saving about $505 annually.
Eliminating GST on essentials (energy, internet and mobile phone bills) is also part of their platform.
They want to keep the proposed increase in capital gains tax cut. while doubling the amount of the Canada disability benefit. The current maximum is $2,400 annually, or $200 per month for recipients.
The NDP want to boost the guaranteed income supplement at a combined cost of $3 billion to $4 billion.
They plan to open more $10-a-day child-care facilities and increase the EI replacement rate to 2/3s of insurable earnings with the following:
- A minimum weekly benefit of $450
- Extend EI benefits to 50 weeks nationwide
- Implement a national 360-hour standard to qualify for benefits
Remove the one-week waiting period.
Expanding pharmacare, dental care and mental health supports for Canadians and banning US-style private health-care clinics is also part of their plan.
The NDP claim they will create an emergency price cap on basic food items like pasta and infant formula, while holding grocery stores to a new code of conduct.
The intention is to regulate prices, allowing the Competition Bureau to serve as a watchdog and tax profits from Canada’s biggest grocery companies.
The Green Party
The Greens want to increase the amount of untaxed income to $40,000 and create a guaranteed livable income.
Their platform includes expanding paid leave for elder care, miscarriage and other family needs.
Creating a universal model of affordable early learning and child care is part of their plan yet details on how to achieve that are vague.
On the same thread of education, the Greens want to make College and University free.
Bloc Quebecois
The Bloc Quebecois intend to would establish a bill to increase old age security payments by 10% for seniors between 65 to 74.
They have proposed tax incentives for seniors who decide to stay working.
The party plans to adapt the child benefit to include blended families and to calculate it based on the income of the parents with custody.
The Bloc wants GST credit to be doubled in quarters when the inflation rate exceeds the Bank of Canada’s target (between 1% and 3%) and to pay it out monthly.
Their platform also includes pulling back on credit card interest rates, cutting GST on all second-hand items and creating a single tax report system (administered by Quebec).
People’s Party
The People’s Party wants to reinstate the fair disability pension for veterans — previously a part of the Pension Act.
This would apply retroactively to 2006 and lump-sum payments received since then would be recognized as advance payments.
The party plans to request a line-by-line review of the New Veterans Charter to determine which policies and programs should be kept or not to streamline the system.
They want to eliminate new spending programs by the Trudeau government, such as daycare, pharmacare and dental care programs.
In addition, the People’s Party wants to dismantle programs that duplicate provincial programs or intrude on provincial jurisdictions.
For more on this topic and the upcoming election, click here or head to this link for voting information.
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