Scheer had previously said the Conservatives would reach a balanced budget within two years but then moved the goal post to five years. Under their plan, Conservatives would run a $23 billion deficit in 2020-2021 but reach a $667 million surplus after five years.
The Liberals said the Conservatives’ platform amounted to tens of billions of dollars in needless and painful cuts.
“We know that investing in Canadians … is actually the way to grow the economy, is the way to build resilience when the world is facing challenging times,” Liberal leader Justin Trudeau told reporters.
Under the Conservative’s signature “universal tax cut,” Canadians making under $47,360 would see their tax rate drop gradually from 15 per cent to 13.75 per cent by 2023. This would result in a projected savings of $440 for an individual and $850 for a couple, according to the platform.
The Conservatives would also repeal the Liberals’ carbon tax. The platform claims that if the Liberals are given another mandate, price of gas would increase 31.1 cents per litre.
The party said it would also introduce new tax credits. To encourage green home renovations, for instance, the party is proposing a two-year, 20 per cent refundable tax credit to help with renovations costing between $1,000 and $20,000.
For new parents, a tax credit will be applied to income earned under EI maternity and EI parental benefits.
To make up for revenue shortfalls, the Conservatives said they would control spending on infrastructure. While they would spend the same $187 billion as the Liberals on infrastructure, it would be spread out over 15 years instead of 12.
Accusing the Liberals of allowing 40 per cent of its infrastructure funds to lapse unused in the first two years of its mandate, Scheer told reporters the Conservatives would ensure that all infrastructure projects that have been signed off on are carried out.
“We’re going to see those through and we’re going to put in place a responsible plan that actually gets money out the door and shovels in the ground.”
The Conservatives biggest measure for achieving a balanced budget would come in the form of $53 billion in cuts to government spending over five years. While maintaining full-time staffing levels, the Conservatives would control government operating expenses, such as on travel and procurement, and sell off government office space. Scheer said spending on “exorbitant” consultants fees would also be reined in.
Leader Andrew Scheer speaks as the Conservative party released its policy platform in Delta, B.C., Oct. 11, 2019. Carlos Osorio/Reuters
The Conservatives say $1.5 billion would be saved by reviewing all business subsidies, grants and contributions. Large multinational tech companies would be hit with a three per cent tax on revenues if they rake in more than $1 billion in global revenue and $50 million in Canada.
Foreign aid would also be reduced by $1.5 billion and $700 million would be redirected to the poorest countries and to support for children in conflict zones.
Trudeau has not committed to a timeline to a balanced budget — his platform projects $27.4 billion in red ink next year, dropping to $21 billion by the fourth year of a new mandate. During the 2015 election, Trudeau campaigned on a platform of running deficits in the near-term to boost the economy but said he would get to a balanced budget by the end of his mandate. That did not happen.
The NDP’s Jagmeet Singh has similarly not committed to a balanced budget timeline, instead opting to focus on spending on renewable energy, health and education.
With files from The Canadian Press
Highlights of the Conservative Party platform.
TAX CUTS / TAX CREDITS
For Canadians making under $47,360, the tax rate will drop in phases from 15 per cent to 13.75 per cent by 2023. This would result in savings of $440 for an individual and $850 for a couple, according to the platform.
The Conservatives will repeal the Liberals’ carbon tax. The platform claims that if the Liberals are given another mandate, price of gas would increase 31.1 cents per litre.
GST will be removed on all home energy bills, which the party says will save an average household $107 per year.
To encourage green home renovations, the party is proposing a two-year, 20 per cent refundable tax credit to help with renovations costing between $1,000 and $20,000. This will save a family up to $3,800, according to the platform.
For new parents, a tax credit will be applied to income earned under EI maternity and EI parental benefits. The party says this will save the average family $4,000.
FAMILIES
To help send kids to university or college, the Conservatives will increase RESP contributions from 20 to 30 per cent of every dollar invested, up to $2,500 a year.
For seniors, the age credit will be expanded by $1,000. Those with low to middle incomes will benefit the most, according to the plan.
JOBS
A meeting with premiers will be convened with an aim to reduce barriers to interprovincial trade.
A task force will be formed with an aim to restore the competitiveness of Canada’s natural resources sector.
Regulation of agriculture under the Canada Grain Act and Canadian Grain Commission will be modernized so it is aligned with modern agricultural practices and global markets.
PUBLIC SAFETY
To dissuade people from travelling overseas to engage in terrorism, the Conservatives are proposing to make it a crime to merely travel to a “terrorism hot spot” unless that person can prove they had a legitimate reason for going there.
Parole eligibility for prisoners would be tied to whether they have attained job skills training and transition from prison would be supported by “meaningful rehabilitation programs.”
Possession of a smuggled firearm would become a criminal offence with a mandatory sentence of five years in prison.
HOW TO BALANCE BUDGET
On infrastructure spending, the Conservatives say they will spend the same $187 billion amount as the Liberals but spread it out over 15 years instead of 12 and prioritize projects.
The number of full-time staff in federal government will be maintained at current levels until the budget is balanced. There will be controls on government operating expenses, such as on travel and procurement, and reductions in government office space.
The Conservatives say $1.5 billion would be saved by reviewing all business subsidies, grants and contributions. The review will be carried out by a commission led by a “distinguished Canadian” or “distinguished Canadians.” One item that they say they plan to scrap is a business subsidy for companies that invest in electric vehicles.
Foreign aid will be reduced by $1.5 billion and $700 million will be redirected to the poorest countries and support for children in conflict zones.
A three per cent tax will be applied on revenues of large technology companies (those that earn more than $1 billion worldwide and $50 million in Canada) that do not pay corporate taxes here.
Balanced budget by 2024-25, saving $600 million per annum in debt service.
— Douglas Quan, National Post
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