The Liberal Party of Canada is set to form a minority government following the results of the 2019 federal election on 21 October 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 is 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.
Read an October 2019 report prepared by the KPMG member firm in Canada that summarizes the Liberal's election tax platform and offers insight into potential tax changes that may be seen as early as the end of 2019.
The KPMG report also looks 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 influence on any forthcoming tax legislation. The Conservative Party's tax platform, the official opposition, is also summarized.
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