The pledge fell within the banking portion of a section dedicated to lower prices for consumers. Under leader Erin O’Toole, the Conservatives would also order the Competition Bureau to investigate banking fees and legislate open banking “so that Canadians can connect with fintech companies that can provide a better offer for banking services such as a mortgage, line of credit or credit card,” the 164-page document said.
The Tories are also targeting “an unaccountable and overly aggressive” Canada Revenue Agency (CRA).
“It seems like every day brings new stories of CRA overreach: denying disability tax credits to people with diabetes, refusing benefits to single mothers because CRA is not satisfied with proof of separation, and auditing small businesses for tiny amounts while writing off large amounts owed by multinationals,” the platform said.
The Conservatives would impose a duty of care on the agency and revise the penalties so that first-time “problems or errors” receive minor fines. The party would also require the CRA to report on the tax gap so that resources could be devoted to problem areas, and increase funding to go after “wealthy tax cheats” and large corporations.
For Canadians with disabilities, the Conservatives would reduce the number of hours required to qualify for the disability tax credit (DTC) to 10 from 14 hours per week. The change would make it easier to access various programs and benefits for which the DTC serves as a gateway, the document said, including the RDSP and the child disability benefit.
The Tories would also double the disability supplement in the Canada workers benefit to $1,500 to help lower-income disabled Canadians. The plan would save a disabled person made eligible for the tax credit (or their family) an average of $2,100 per year, according to the platform.
As part of a plan to make housing more affordable, the Conservatives would encourage investments in rental housing by allowing those who sell a rental property and reinvest in rental housing to defer the capital gains tax.
The Tories also said they’d ban foreign investors not living in or moving to Canada from buying homes for a two-year period. A Conservative government would instead encourage foreign investment in purpose-built rental housing. The policy would be reviewed after two years. The NDP would introduce a 20% foreign buyer’s tax on homes, while the Liberals have proposed a 1% annual tax on the value of vacant real estate owned by non-residents.
The Conservative platform also had proposals to encourage more seniors to age in their homes. The home accessibility tax credit would change to $10,000 per person (rather than $10,000 per dwelling), and seniors and their caregivers would be eligible to claim the medical expense tax credit for home care. The party would also create a Canada seniors care benefit of $200 per month per household for anyone living with and caring for a parent over 70.
The platform has been costed internally and is being reviewed by the parliamentary budget officer, the Conservatives said.
Other measures from the Conservative platform include:
doubling the Canada workers benefit to a maximum of $2,800 for individuals or $5,000 for families and pay it as a quarterly direct deposit rather than a tax refund at year-end;
no longer requiring underfunded pension plans to convert to annuities, which can lock in losses;
creating the Canada investment accelerator, a 5% investment tax credit for capital investment made in 2022 and 2023, with the first $25,000 refundable for small business;
supporting gig economy workers ineligible for employment insurance (EI) by requiring gig economy companies to make contributions equivalent to CPP and EI premiums into a new, portable employee savings account every time they pay their workers. The money would grow tax-free and could be withdrawn by the worker when needed;
converting the child care expense deduction into a refundable tax credit covering up to 75% of the cost of child care for lower income families;
a one-month “GST holiday” this fall to help hard-hit retail stores recover; and
eliminating the deficit, which hit $354 billion in 2020-21 as the federal government handled the Covid-19 crisis, within a decade.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
