The Liberal Party of Canada Wins the Election, A Summary of New Policies!
The Liberal Party of Canada has won this federal election, and current Prime Minister Mark Carney will continue to serve as Prime Minister. During his campaign, he proposed many new policies related to the public, which are summarized below:
1、Seniors and Retirement
The Liberals promise two one-year adjustments to the retirement income system:
· Reduce RRIF minimum withdrawal amount: The plan is to reduce the minimum withdrawal amount for Registered Retirement Income Funds (RRIF) by 25%.
Canadians must convert their Registered Retirement Savings Plans (RRSP) into RRIF or purchase annuities before the end of the year they turn 71. Once converted, a minimum withdrawal amount must be taken annually, which is considered taxable income.
· Increase Old Age Security (GIS): The Liberals promise to temporarily increase the Old Age Security by 5%, with low-income seniors potentially receiving an additional $652 in tax-free assistance.
2、Taxation
· Lower bottom tax rate: The Liberals promise to lower the lowest income tax rate by 1 percentage point, which could save dual-income families up to $825 annually. Although the change is small, it will have a more significant impact on low-income groups.
· Automatic Tax Filing Plan: The Liberals plan to implement an automatic tax filing system initially covering low-income individuals and seniors.
· Expand eligibility for Disability Tax Credit (DTC): They commit to reviewing and expanding the scope of the Disability Tax Credit (DTC) to provide more channels for applying for federal disability benefits.
3、Housing Policy
· Accelerate home construction: The Liberals promise to build 50,000 new homes each year. To achieve this goal, they will establish the "Canada Build Homes Agency" as a developer to lead affordable housing projects.
· Financing support: They will provide $25 billion in support for prefabricated house manufacturers and $10 billion in low-interest loans to support affordable housing construction.
· First-time Homebuyer Incentive: First-time buyers purchasing homes valued at $1 million or less will be exempt from Goods and Services Tax (GST). Those purchasing homes between $1 million and $1.5 million will enjoy a reduced GST rate.
4、Cost of Living and Benefits
· Home Energy Efficiency Subsidy: They will provide subsidies for home energy efficiency upgrades, including insulation, heat pump installation, window replacement, and other projects.
· Expand dental insurance: They will expand dental coverage for Canadians aged 18 to 64, saving each person approximately $800.
· Local Food Production: They will invest in greenhouses and controlled environment agriculture to enhance local food supply capacity. They will also expand a rail logistics reform pilot project to help farmers reduce transportation costs.
5、Employment and Skills Training
· Expand Employment Insurance (EI) eligibility and accelerate approval: For workers facing layoffs due to tariffs, they plan to temporarily eliminate the EI waiting period. The waiting period has already been shortened from two weeks to one week.
· Skilled Worker Training Subsidy: Apprentices in skilled trades can receive up to $8,000 in funding; workers in key areas such as healthcare, manufacturing, construction, and technology can receive up to $15,000 in skills training support.
· Expand union training program budget: They will increase the budget for the "Union Training and Innovation Program" from $25 million per year to $50 million.
· Tax deduction for job relocation expenses: Workers commuting over 120 kilometers will be allowed to deduct more transportation and accommodation expenses, increasing the annual cap.
6、Childcare Support
Ensure that the "Canada Child Benefit (CCB)" continues to be distributed to low-income and middle-income families.
· Expand the daily $10 Early Learning and Childcare (ELCC) program: They promise to add 100,000 childcare spaces by 2031 and create an additional 35,000 childcare positions.
· Expand public childcare facilities: They will work with provinces and territories to expand childcare services in schools, community centers, and public facilities receiving federal financing, making childcare services more accessible to more families nearby.
Original article: https://www.toutiao.com/article/1830780501419020/
Disclaimer: This article represents the personal views of the author.