Barely a few hours before the last debate in French, the Conservative Party of Canada and the Bloc Quebecois both provided their estimate of the cost of their election promises on Wednesday, leaving only the New Democratic Party (NDP) and the Green Party without a financial framework twelve days before the poll.

The Conservatives have presented the data on which they are relying to fulfill their promise to balance the budget within the decade, without making any cuts. The trick, they say, is a “reasonable” approach that “limits the increase in future spending. The document repeatedly refers to the Liberal plan for comparison.

In all, the Conservatives are forecasting about $ 54 billion in new spending over the next five years, on top of what was forecast in the 2021 budget. After a brief increase in the deficit next year, it is expected to reduce it to less. 25 billion for 2025-2026, which represents an amount equivalent to the estimates revised by the Parliamentary Budget Officer (PBO) this summer, but less than the deficit of 30.7 billion initially forecast in the last budget.

The Conservatives still intend to spend much less than their opponents by cutting certain expenses provided for in the Liberal budget. For example, they plan to withdraw $ 26.7 billion of the $ 29.8 planned for the Liberals’ pan-Canadian child care system. Only the amount of 3 billion for next year is maintained. The Conservatives plan to add $ 900 million in child care tax credit for 2021-2022. This amount would decrease from year to year to reach 120 million in 2025-2026. “The new credit for childcare costs is supposed to be ultra-generous and unfortunately, we do not see it”, noted the tax expert, Luc Godbout. “So they put an end to the agreements with the provinces. “

The Conservative financial framework seems to indicate that the provinces should arm themselves with patience before seeing the color of the $ 60 billion promised for the increase in health transfers over 10 years. Only 3.63 billion are budgeted for the next five years, since the existing transfer formula already provides the 6% increase promised in the context of strong economic growth.

The financial framework also details a scenario according to which Canada’s growth would be better than expected, and the budget balance achievable more quickly. For example, the Conservatives plan to restore growth in the energy sector, “which was the biggest driver of investment”, and which they said suffered from underfunding during the Trudeau years.

The conservative platform was submitted to the Parliamentary Budget Officer (PBO) for validation from the first days of the election campaign. The Party maintains that more of its promises have been independently costed than those of the Liberals.

The Bloc presents its figures

The Bloc Québécois is proposing $ 139 billion in new spending over three years, nearly two-thirds of which would come from increased health transfers. This is $ 91 billion that would be allocated to the provinces, which would reduce the federal share from 22% to 35% of the cost of health care across the country, as they require. These figures have not yet been validated by the Parliamentary Budget Officer.

The sovereignist party would like the elected federal government to spend $ 15 billion over three years to adjust the Old Age Security pension $ 110 per month according to the cost of living.

The party projects $ 82.3 billion in new revenues during this same period by making the richest pay. He would advocate for the elected government to levy a temporary “solidarity tax” of 5% on the net worth of assets over $ 20 million and 3% on that of assets over $ 10 million. Large fortunes would have three years to pay it off.

He also recommends a single tax levy of 15% on the profits of large companies which would correspond to the increase in their profits due to the pandemic.

A 3% royalty should also be levied on the turnover in Canada of multinational Internet companies.

The Bloc believes the country could save $ 124 million over three years by abolishing the monarchy. He advocates ending the post of Governor General and cutting pension payments for former viceroys.

the Green Party of Canada released its platform on Tuesday, without a financial framework. The NDP promises to reveal the cost of its promises on Saturday.

BOARD

TITLE: DEFICITS PROJECTED BY THE PARTIES (in billions)

2021-22 2022-23 2023-24

Liberals: 13.1 / 17.9 / 16.2

Preservatives: 168 / 57.5 / 44.9

Bloc Québécois: 133.9 / 57.6 / 53.3

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Reference-feedproxy.google.com

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