The Liberal Party of Canada is set to form a minority government following the results of the 2021 federal election on September 20, 2021. 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 2021. For comparison purposes, we also look at tax promises by the Conservative Party, as the official opposition, and 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. This summary relies on the tax promises announced during the 2021 election, as described by the parties on websites, in their published platforms and in press releases.
Download this edition of the TaxNewsFlash to learn more.