Government promises

Ensure the overall fiscal health of the government, including by working to implement the fiscal plan outlined in Budget 2021 and driving a plan for long-term economic growth.

Top up the Safe Return to Class Fund for ventilation improvement projects across Canada.

Introduce a tax credit for small businesses to invest in better ventilation.

Increase the Eligible Educator School Supply Tax Credit to 25 per cent, expand eligibility to include tech devices, and ensure that teaching supplies purchased for employment duties are eligible no matter where those duties are performed.

Support business recovery and workers, including by implementing legislation that extends the Canada Recovery Hiring Program, introduces rent and wage supports for tourism and hospitality sectors and arts and culture industries, and provides emergency support in the event of future public health lockdowns.

Introduce legislation to raise the corporate income tax payable by banks and insurance companies that earn more than $1 billion and require them to pay a temporary Canada Recovery Dividend.

Establish a minimum 15 per cent tax rule for top-bracket earners.

Implement a tax on luxury cars, boats and planes.

Close the tax gap and combat aggressive tax planning and avoidance.

Modernize the general anti-avoidance rule regime.

Introduce a Labour Mobility Tax Credit worth up to $600 a year for workers in the building and construction trades incurring eligible travel and temporary relocation expenses.

Introduce a Career Extension Tax Credit of up to $1,650 a year for seniors who want to stay in the workforce.

Champion the adoption of a global minimum standard on carbon pricing.

Carry out consultations to inform an approach to applying Border Carbon Adjustments to imports from countries that are not doing their part to reduce carbon pollution and fight climate change.

Ensure budgetary measures are consistent with the government’s climate goals and the legislated requirement to achieve net-zero emissions by no later than 2050.

Make investments to achieve a 100 per cent net-zero electricity system by 2035, accelerate the adoption of zero- emissions vehicles and other clean technologies, and advance the decarbonization of buildings and broader industry.

Accelerate Canada's G20 commitment to eliminate fossil fuel subsidies from 2025 to 2023.

Eliminate flow-through shares for oil, gas and coal projects.

Introduce an investment tax credit for capital invested in Carbon Capture, Utilization and Storage projects.

Establish an investment tax credit of up to 30 per cent for a broad range of clean technologies, including renewable energy and battery storage solutions.

Double the Mineral Exploration Tax Credit for minerals essential to the manufacture of vital clean technologies.

Move toward mandatory climate-related financial disclosures and require federally regulated institutions to issue climate-related financial disclosures and net-zero plans.

Launch an annual program of green bond issuances with an initial issuance of $5 billion.

Develop a net-zero capital allocation strategy to accelerate Canada’s transition to a prosperous net-zero future.

To extend the life of home appliances, introduce a 15 per cent tax credit of up to $500 to cover the cost of repairs performed by technicians.

Introduce legislation to double the First-Time Home Buyers’ Tax Credit.

Create a tax-free First Home Savings Account.

Develop a loan program as an option to the current shared-equity mortgage, repayable only at the time of sale.

Introduce legislation to double the Home Accessibility Tax Credit.

Review insurance policies to assess whether such policies are supportive of the aspiration that everyone in Canada has a home that they can afford and that meets their needs by 2030.

Introduce amendments to the Income Tax Act to require landlords to disclose in their tax filings the rent they receive pre- and post-renovation and to pay a proportional surtax if the increase in rent is excessive.

Establish an anti-flipping tax on residential properties.

Implement Canada’s tax on non-resident, non-Canadian owners of vacant, underused housing, and work to include foreign-owned vacant land within large urban areas.

Review and consider reforms to the tax treatment of Real Estate Investment Trusts.

Review down payment requirements for investment properties.

Develop policies to curb excessive profits in investment properties while protecting small independent landlords.

Establish a ban on foreign investment capital in non-recreational residential property for the next two years.

Advance the priority of Indigenous communities to reclaim full jurisdiction over tax matters.

Work with global partners to bring the new OECD/G20 agreement on tax reform related to the world’s largest corporations into effect and then legislate its implementation.

Move ahead with legislation to implement a Digital Services Tax to come into effect in 2024 if the OECD/G20 agreement on tax reform is not in force.

Introduce amendments to the Income Tax Act to allow privately owned, Canadian-controlled businesses to expense up to $1.5 million of growth-enhancing investments.

Reform the Scientific Research and Experimental Development Program.

Introduce a one-time income tax deduction for health care professionals who are just starting out in their careers to help with the costs of setting up their practice in a rural community.

Introduce amendments to the Income Tax Act to make anti-abortion organizations that provide dishonest counselling to pregnant women about their rights and options ineligible for charitable status.

Introduce amendments to the Income Tax Act to expand the Medical Expense Tax Credit to include costs reimbursed to surrogate mothers for IVF expenses.

Move forward with a national tax on vaping products.

Convert the Canada Caregiver Credit into a refundable tax-free benefit, allowing caregivers to receive up to $1,250 a year.

Increase the Canada Pension Plan and Quebec Pension Plan survivor’s benefit by 25 per cent.

Adapt and apply the Canada Business Corporations Act diversity requirements to federally regulated financial institutions to ensure diversity in senior ranks.

Require federally regulated financial institutions to offer flexible repayment options to individuals who face a life event causing financial stress, including a six-month deferral of mortgage payments in qualifying circumstances.

Establish a permanent Council of Economic Advisors to provide independent advice and policy options on long-term economic growth.

Establish a single, independent ombudsperson, with the power to impose binding arbitration, to address consumer complaints involving banks.

Crack down on predatory lenders by lowering the criminal rate of interest.

Advance legislation to enhance the powers of the Financial Consumer Agency of Canada to review bank fees and charges and to require adjustments if they are excessive.

Lower the average overall cost of interchange fees for merchants, ensuring that small businesses benefit and protecting existing reward points of consumers.

Introduce legislation to establish a new Multigenerational Home Renovation tax credit.