The Liberal Party of Canada is set to form a minority government following the results of the 2019 federal election on October 21, 2019.
While the Liberal Party made many promises during the election campaign to introduce a variety of new tax changes that could significantly affect individuals and businesses in Canada, it's possible that some of these pledges will now be modified before they are introduced. Specifically, the Liberal Party government may need to compromise with another federal party's priorities to win the support required to get certain measures through Parliament and passed into law.
This edition of TaxNewsFlash-Canada summarizes the Liberal's election tax platform to offer insight into potential tax changes that we may see as early as the end of 2019. In addition, we look at promises by the New Democratic Party of Canada and the Bloc Québécois, since these parties potentially hold a balance of power to get legislation passed in the new minority Parliament, and therefore could have an important influence on any forthcoming tax legislation. For a point of reference, we have also summarized the Conservative Party's tax platform, as the official opposition.
Download this edition of the TaxNewsFlash to learn more.