NDP costing calls for $200 billion in new spending on health care, climate change, Indigenous reconciliation​

The federal NDP has released a costing breakdown of its platform commitments that shows the party is promising more than $200 billion in new spending over the next five years.

Much of that spending would be offset by $166 billion in revenue raised during the same period through a series of new taxes and other measures targeted at wealthy individuals and large, profitable corporations.
Unlike the Conservative Party platform, which proposes cancelling the Liberal's big-ticket promise to spend $30 billion to build a national child-care program, NDP plans to honour the existing deals the Liberals have signed with several provinces and to finish building a national system.

The most expensive line item in the NDP costing is $68 billion in health-care spending over the next five years, which would fund universal prescription drug coverage, expand long-term care and home-care options, and cover dental care and mental health expenses for many Canadians on the lower end of the income spectrum.

The party is also proposing to spend $26 billion to fight climate change and support workers who may need to transition out of high-polluting industries such as oil and gas.

In addition, the party would redirect $35 billion already budgeted for projects with the Canadian Infrastructure Bank into a "climate bank," which would have a mandate to boost investment in renewable energy, energy efficiency and low-carbon technology.

Another $30 billion would go toward efforts to achieve reconciliation with Indigenous people. More than half of that amount would be invested to bring the federal government in compliance with a Canadian Human Rights Tribunal ruling by compensating First Nations families and children who were removed from their homes and placed in the child welfare system.

Ambitious spending, ambitious revenue generation​

Below are the revenue raising measures and the amounts the party projects each would bring in:

  • $60 billion through a 1% annual tax on households with wealth over $10 million.
  • $44 billion through raising the capital gains inclusion rate to 75% from 50% .
  • $25 billion through raising the corporate income tax rate to 18% from 15%. This would apply only to businesses that make more than $500,000 in profit.
  • $14 billion through an "excess profit tax" on companies that made large profits during the COVID-19 pandemic.
  • $12 billion through cracking down on tax havens.
All of the above revenue items have been costed by the PBO.