Poilievre offers investor tax cut, Singh targets 1st time homebuyers, Blanchet offers help to seniors
Conservative Leader Pierre Poilievre unveiled another tax cut proposal during his campaign, this time targeting investors. He announced that capital gains would be exempt from taxes if the proceeds are reinvested in Canada. Poilievre emphasized that the current capital gains tax system hinders investment in new assets, as selling them would result in a significant tax bill. By allowing reinvestments without tax implications, Poilievre believes that billions of dollars will be unlocked for building, hiring, investing, and growing.
This tax cut, which would be effective from Canada Day until the end of 2026, is intended to be made permanent if it proves successful in driving economic growth. The Conservatives clarified that any gains from Canadian investments would still be subject to taxation when the investor cashes out their investment permanently or moves the proceeds out of Canada. Poilievre described this initiative as “economic rocket fuel for Canada,” predicting that it would propel the country above the United States and reverse the economic stagnation experienced during the past decade.
The Conservatives estimated that implementing this tax cut would cost $5 billion in 2025 and $5.5 billion in 2026. This announcement follows Poilievre’s previous commitment to reduce the lowest marginal rate of income tax by 2.25 percentage points, at an annual cost of $14 billion.
In addition to the capital gains tax exemption, Poilievre had previously announced a plan to allow investors to contribute an extra $5,000 annually to their tax-free savings accounts (TFSA), provided that the additional funds are invested in Canadian companies. The cost of this TFSA top-up was not specified by the Conservatives.
Meanwhile, Bloc Québécois Leader Yves-François Blanchet unveiled a series of policies aimed at seniors, including expanding a tax credit for individuals aged 60 and above to all of Canada, implementing an automatic income tax return for seniors, and enhancing protections for defined benefit pension plans, among other measures. Blanchet criticized Liberal Leader Mark Carney for not holding news conferences over the weekend, accusing him of neglecting Quebec voters and avoiding media scrutiny.
On a different note, NDP Leader Jagmeet Singh proposed a plan to provide first-time homebuyers who qualify for a mortgage with publicly backed, low-interest, fixed-term loans. Singh emphasized that this initiative would help more Canadians afford their first homes and dismissed concerns raised by banks about the impact of government loans in the mortgage market. He asserted that the focus should be on assisting individuals rather than catering to the interests of financial institutions.
