Liberals plan to raise the basic personal income tax deduction to $15,000 for those earning under $147,000. In 2015, they added an upper tax bracket for people making more than $200,000 a year, while dropping the tax rate on earnings between $45,282 and $90,563. They plan to tax luxury vehicles and tech giants generating revenue in Canada.
Conservatives promise a “universal tax cut” of 1.25 per cent over three years on taxable income under $47,630. They would make EI benefits for new parents tax free, remove GST from home heating costs, and revive Stephen Harper’s public transit and children's fitness and arts tax credits. The party would tax online tech giants at three per cent on revenues, and promises a single tax form for Quebecers.
New Democrats propose hiking the rate for capital gains inclusion from 50 per cent to 75 per cent. They also want to hike the top federal personal income tax rate from 33 per cent to 35 per cent, and impose a one per cent wealth tax on those making more than $20 million. They too support taxing “web giants” like Netflix, Google and Facebook.
The Greens want to increase corporate tax rates from 15 to 21 per cent. They also would apply a corporate tax on tech companies like Netflix, Facebook, Google and Airbnb and find a way to tax cryptocurrencies. The party says it would create a Federal Tax Commission to ensure the tax system is fair and accessible.
The Bloc wants the Quebec government to collect federal income taxes, rather than the Canada Revenue Agency. They argue this would make things simpler for Quebeckers, who would only have to fill out one form instead of two. They are also in favour of taxing online giants like Facebook, Netflix and Spotify and further clamping down on tax havens.
The party wants to cut the corporate income tax rate from 15 to 10 per cent and abolish the personal capital gains tax entirely. It proposes a simplified, two-bracket federal income tax where everyone who makes more than $100,000 would have a tax rate of 25 per cent; a discount compared to the current rate.
Find out more about the promises parties are making in our party platform tracker.
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