OTTAWA—The federal NDP would use a new wealth tax to rake in almost $100 billion over four years, a huge revenue windfall that would partly offset a spending surge of more than $227 billion to rapidly expand public pharmacare, housing, jobless benefits, and to cut taxes for low-income earners,Ìýaccording to the party’s newly-released .Ìý
NDP Leader Jagmeet Singh all but abandoned hope on Saturday that his party would form government after the April 28 election. But, in a fiery speech at a campaign event in Burnaby, B.C., Singh urged voters to elect New Democrats nonetheless, declaring his party would force the next government — if it were a minority Parliament — to adopt policies he said would help regular people at the expense of the rich.Ìý
“Very soon after this election, there will be a federal budget, and you need New Democrats there to make sure it delivers for working and middle class people,” Singh said.
- Alex Ballingall, Tonda MacCharles
“Canada works better when New Democrats are there to hold the powerful to account. So if someone asks you, ‘Why vote NDP?’ tell them this: because when we have power, we use it to fix what’s broken, to protect what matters, to build a Canada that works for you, not just the ones cashing in while you struggle.”
The Star reported Saturday morning that the NDP would make their support of a minority government conditional on national rent control measures, and Singh added in his speech that he would also use any influence to try and prevent the next government from cutting health care services.Ìý
The NDP has alreadyÌýruled out supporting a Conservative minority government in the next Parliament, meaning the NDP would only negotiate policies with a Mark Carney-led Liberal administration.Ìý
Liberal leader Mark Carney released his platform calling for government investment to catalyze private sector spending.ÌýConservative Leader Pierre Poilievre says the Liberals will hike the deficit and make life more expensive. (April 19, 2025 / The Canadian Press)
The party’s platform, released the same day that Carney’s Liberals unveiled their own campaign plan, details more than $227.8 billionÌýin new spending over the next four years. That new spending would increase the annual budget deficit by several billion dollars, totalling $48 billion over four years, even though it is largely offset by a suite of new taxes.
That includes a tax on "super rich multimillionaires" that the platform projects — based on from the independent Parliamentary Budget Officer (PBO) — would rake in $94.45 billion over the next four years. The wealth tax would target an individual's holdings worth between $10 million and $50 million with a one per cent tax. The tax would increase to two per cent for wealth between $50 million and $100 million, and hit three per cent on wealth over $100 million.Ìý
The NDP also predicts they could bring in $24.8 billion over four years by closing tax loopholes, and discouraging use of offshore tax havens. It says it will raise $16.2 billion through a 15-per-cent minimum tax “on corporate book profits.”ÌýA surtax on corporate profits exceeding $500 million would reap another $6.57 billion over the next four years, the platform says.Ìý
The NDP plans to inject an extra $41 billion over four years to expand Employment Insurance by reducing the threshold to qualify for the jobless benefits, extend the duration for which they’re paid to 50 weeks, and increase payouts to a minimum of $450 per week.Ìý
Its platform says that would be offset by an expected $26 billion in counter-tariff revenue over four years, raised through Canadian duties imposed on imported American goods in retaliation against U.S. President Donald Trump’s tariffs. In contrast, the Liberal platform earmarked $20 billion in counter-tariff revenue in the first year of a trade war, and warned it is “not prudent” to forecast ongoing revenue in a prolonged trade war that the next government will work to avoid.
The NDP platform assumes that last fall’s expansion of the capital gains inclusion rate — which the Liberals and Conservative say they would scrap — remains in place.
Among the platform’s most expensive proposals is a plan to spend $29.2 billion over four years to expand government-paid pharmacare — which now covers birth control and diabetes medicine — so that it covers “essential” medications by the end of 2025 and grows to “full coverage” within four years.Ìý
The NDP would also spend $10 billion over four years to provide all Canadians with a family doctor, and another $7 billion by the 2028-29 fiscal year to expand mental health coverage.Ìý
The New Democrats promise toÌýraise the portion of income not subject to federal income tax — called the basic personal amount — to $19,500, and the platform says that would cost $48.16 billion over four years in foregone revenue.
The NDP is also promising to spend $8 billion over four years on a “Canada Homes Transfer” that would give federal dollars to municipalities to build more housing quickly, and another $8 billion to help provinces build housing infrastructure like water, transit and other public services, the platform says.Ìý
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