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WHERE EACH PARTY STANDS SO FAR

Posted in Newsworthy, Politics

WHERE EACH PARTY STANDS SO FAR

Canadians will head to the polls on Sept. 20 after one of the shortest election campaigns ever.

Before that, the leaders of each political party will attempt to appeal to voters coast-to-coast-to-coast, detailing their plans to revive the economy following the COVID-19 pandemic.

Here’s a look at what each party has promised so far on the major issues affecting the economy, business and your money. BNN Bloomberg will update this platform tracker as more details are announced.

CHILD CARE

Sustaining national child care will be the big question: Former Newfoundland and Labrador premier

Dwight Ball, former premier of Newfoundland and Labrador, talks about the state of COVID-19 in Eastern Canada and the delay of reopening the Atlantic bubble. He also gives insight on the federal government’s plan to create a national child care program and says the most important factor will be addressing the sustainability of this program while making sure it last for future generations.

Conservatives

  • Scrap all Liberal government child-care funding deals in favour of a refundable tax credit of between $4,560 and $6,000

Liberals

  • 50 per cent reduction in average fees for early learning and child care by end of next year
  • Reduce child care fees to $10 per day on average within next five years – everywhere outside of Que.
  • Invest up to $30 billion over the next five years – minimum of $9.2 billion per year – to make Canada-wide child care system “a reality”

NDP

  • Pledging $10-a-day universal child care

CORPORATE TAXES

Conservatives

  • Make foreign tech companies pay “fair share of taxes,” including sales tax and digital services tax representing three per cent of gross revenue in Canada if they don’t pay corporate income tax here

Liberals

  • No specific proposals to date

NDP

  • A temporary 15 per cent tax on large companies that enjoyed windfall profits during the pandemic
  • A three-point hike to put the corporate tax rate at 18 per cent
  • Pledge to make internet giants “pay their fair share”

ENERGY AND ENVIRONMENT

Conservatives

  • Eliminate Bill C-69
  • Repeal C-48
  • Get Trans Mountain expansion built
  • Promote “mutually beneficial conversations” between Indigenous communities and resource project proponents, providing $10 million per year to organizations involved
  • Invest $1.5 billion to support N.L.’s offshore oil industry
  • Introduce zero-emission vehicle mandate based on B.C.’s, requiring 30 per cent of light duty vehicles sold to be zero emissions by 2030
  • Invest a billion dollars in building out electric vehicle manufacturing in Canada

Liberals

  • No specific proposals to date

NDP

  • Setting target of reducing emissions by at least 50 per cent from 2005 levels by 2030
  • Set target of net carbon-free electricity by 2030, moving to 100 per cent non-emitting electricity by 2040
  • Ensure prices at the pumps are fair by creating a watchdog to investigate gouging complaints

Greens

  • Will not support construction of new pipelines in Canada
  • Opposed to any new oil and gas exploration projects
  • Will not support any project relying on fracking gas

FISCAL PLAN

Conservatives

  • Pledging to balance the budget over the next decade
  • Says jobs plan will result in lower unemployment rate and thus higher tax revenue and a “responsible” wind-down of emergency spending

Liberals

  • Immediately invest $6 billion – on top of $4 billion already committed – to support the elimination of health system waitlists

Bloc Québécois

  • Call for an increase of the Canada Health Transfer coverage from 22 to 35 per cent of the provinces’ total health costs

NDP

  • Will move to balance the budget “when it is prudent to do so”
  • Says long-run finances will be fiscally sustainable based on Parliamentary Budget Officer’s measures

 

HOUSING

We must have responsible housing policy to have responsible immigration policy: CAPREIT CEO

Mark Kenney, president and CEO of Canadian Apartment Properties Real Estate Investment Trust, discusses earnings for the latest quarter and his strategy for the rest of the year. When looking at the upcoming federal election he says for there to be responsible immigration policy, we must have housing policies and that needs to come from all levels of government.

Conservatives

  • Aim to have one million homes built across the country in the next three years
  • Ban foreign investors not living in or moving to Canada from buying homes for a two-year period, encourage foreign investment in affordable purpose-built rental housing
  • Encourage new market in seven-to-10-year mortgages to “provide stability” for first-time homebuyers and lenders
  • Will not tax Canadians’ capital gains on the sale of their principal residence
  • Adjust mortgage stress test to “stop discriminating” against small business owners, contractors and other non-permanent employees, including casual workers

Liberals

  • No specific proposals to date

NDP

  • Introduce 30-year terms on mortgages insured by Canada Mortgage and Housing Corporation
  • Pledging 500,000 “quality, affordable” housing units within 10 years
  • 20 per cent tax on homes purchased by foreign buyers
  • Waive federal portion of GST/HST on construction of new affordable rental units
  • Double homebuyer’s tax credit to $1,500

JOBS AND ECONOMY

Impending fourth wave to be ‘biggest issue’ on campaign trail: Peter MacKay

Peter MacKay, strategic advisor at Deloitte Canada and former minister of foreign affairs and national defence, joins BNN Bloomberg to discuss what we can expect on the campaign trail. He says, “There are a number of issues that could pop up, the post-COVID economy discussion I expect to be very prevalent for all parties.”

Conservatives

  • Restore one million jobs lost due to the pandemic within a year
  • Pay up to 50 per cent of new hires’ salaries for six months following the end of the Canada Emergency Wage Subsidy
    • All companies in Canada will be eligible for this subsidy regardless of revenue loss
    • Employment baseline for counting net new hires will be the company’s average employment in April, May and June 2021
  • Launch Super EI that temporarily provides 75 per cent of salary instead of 55 per cent when a province goes into recession – EI will return to normal levels once recession is over, as evidenced by three months of job gains
  • Reject mergers that substantially reduce competition and lead to layoffs and higher prices
  • Invest $250 million over two years to provide grants to organizations including employers, apprenticeship training delivery agents, unions, post-secondary institutions, and community organizations
  • Provide low interest loans of up to $10,000 to people who want to upgrade their skills
  • Appoint a minister responsible for red tape reduction

Liberals

  • Extend the Canada Recovery Hiring Program to March 31, 2022
  • Provide the country’s tourism industry with temporary wage and rent support of up to 75 per cent of their expenses to help them get through the winter months
  • Extend COVID-related insurance coverage for media production stoppages to support 150,000 jobs
  • Provide all federally regulated workers with 10 days of paid sick leave, pending amendments to Canada Labour Code.

NDP

  • Says more than one million jobs will be created in first mandate
  • $20 minimum wage
  • Sees enhancements to EI program, including making the program available to anyone who quits their job to go back to school, provide child care, or protect health of immunocompromised family members
  • Vowing to “build towards” a guaranteed livable income for all Canadians
  • Make CEOs who received federal subsidies intended for protecting workers’ jobs pay that money back
  • Modernize Investment Canada Act to tighten review of takeovers by foreign entities
  • Require large employers to spend at least one per cent of payroll on training for their employees annually

People’s Party of Canada

  • Says it would set the Bank of Canada’s inflation target at zero per cent instead of two per cent to “preserve Canadians’ purchasing power”

PERSONAL FINANCE/TAXES

We can expect the liberals to introduce higher taxes on top 1%: CIBC’s Jamie Golombek

Jamie Golombek, managing director of tax and estate planning at CIBC Wealth Advisory Service joins BNN Bloomberg to discuss key thoughts on what tax policies could look like after the federal election. He says, “I personally don’t see capital gains on principal residence policy changing.”

Conservatives

  • Implement month-long GST holiday this fall with all purchases made at retail stores being tax-free for the month
  • Order Competition Bureau to investigate bank fees and require more transparency for investment management fees

Liberals

  • No specific proposals to date

NDP

  • Hike the capital gains tax inclusion rate to 75 per cent (from 50 per cent)
  • One per cent tax on households with fortunes topping $10 million
  • An income tax hike of two points to 35 per cent for the highest bracket – currently $216,511 and above
  • Implement luxury goods tax on yachts and private jets

RETIREMENT AND SENIORS

Conservatives

  • Prevent executives from paying themselves bonuses while managing a company going through restructuring if pension plan is not fully funded
  • Devote $3 billion of infrastructure funding over the next three years to renovate long-term care homes across the country

Liberals

  • No specific proposals to date

Bloc Québécois

  • Provide a long-term increase of the indexable old age pension of $110 per month for all people above 65

NDP

  • Guaranteed livable income for seniors and Canadians with disabilities

SMALL BUSINESS

Cutting small business aid at this stage is like ‘telling them to go bankrupt’: Ontario Chamber CEO

BNN Bloomberg speaks with Rocco Rossi, president and CEO of the Ontario Chamber of Commerce, about the hurdles Ontario businesses continue to face despite the start of the next step in reopening the province. He is calling on the government to expand grants rather than loans to reduce the debt load small and medium-sized businesses now have on the books.

Conservatives

  • Provide a five per cent investment tax credit for any capital investment made in 2022 and 2023, with the first $25,000 to be refundable for small business
  • Provide a 25 per cent tax credit on amounts of up to $100,000 that Canadians personally invest in a small business over the next two years
  • Provide loans of up to $200,000 to help small and medium businesses in hospitality, retail and tourism, with up to 25 per cent forgiven
  • Provide 50 per cent rebate for food and non-alcoholic drinks purchased for dine-in from Monday to Wednesday for one month once it’s safe to do so
  • Launch 15 per cent tax credit for vacation expenses of up to $1,000 per person for Canadians to travel within the country in 2022

Liberals

  • Introduce a tax credit for small businesses to help with investing in better ventilation. Claims will cover 25 per cent of eligible expenses up to $10,000 per location and a maximum of $50,000 per company.

NDP

  • Vows to continue wage and rent subsidies until small businesses can fully reopen
  • Implement hiring bonus to cover the employer’s portion of EI and CPP benefits for new and rehired staff
  • Cap credit card merchant fees at one per cent

TECHNOLOGY

Trudeau’s Bill C-10 is an overbroad reach, goes beyond what must be regulated: Michael Geist

Michael Geist, Canada research chair in internet and e-commerce Law at the University of Ottawa, joins BNN Bloomberg to discuss the Liberal party passing a bill to regulate social media and streaming giants. He argues Bill C-10 remains enormously problematic and the process of passing it in at near midnight speaks volumes.

Conservatives

  • Cut income tax rate in half on new patented technologies developed in Canada
  • Connect every Canadian with high-speed internet by 2025
  • Require that Huawei equipment not be used to protect national security
  • Allow foreign telecoms to operate in Canada so long as Canadian companies are granted reciprocal access
  • Introduce use of flow-through shares for tech companies to avoid the cost and complexity of listing on an exchange
  • Exempt Canadian-controlled start-ups headquartered and with at least 2/3 of their employees in Canada from the current plan to tax stock options

Liberals

  • No specific proposals to date

NDP

  • Price cap on cellphone and internet bills
  • Expand cell coverage and deliver broadband internet to every Canadian community, declaring high-speed internet an essential service

TRADE

Conservatives

  • Pursue Canada-Australia-New Zealand-United Kingdom agreement that could include free trade and flow of capital investment between the partners

Liberals

  • No specific proposals to date

NDP

  • Support fair trade that “broadens opportunity” in all parts of the country
  • Defend Canadian workers in trade negotiations, protect supply management and stand up against unfair tariffs
  • “Do more to defend” Canadian workers and communities from unfair trading practices

 

Story by: BNN Bloomberg