Conservative Leader Pierre Poilievre听unveiled a governing plan Tuesday that envisages smaller government听and billions in tax cuts which would deplete revenues, leaving a $14 billion deficit in the budget four years from now, even as he follows through on political promises to cut foreign aid, outside consultants, and defund the CBC.
The platform, dropped online a short time before Poilievre addressed reporters, reveals a new pledge by the Conservatives as well, to 鈥渂an new or higher federal taxes without asking taxpayers first in a referendum.鈥
New spending pledges in the Conservative platform add up to $35 billion which听includes $17 billion on defence, while tax cuts add up to a nearly $75 billion cost to the treasury from reduced revenue. Overall, total new spending and tax cuts add up to about $110 billion.
As Conservative Leader Pierre Poilievre blames the incumbent Liberals for the deficit forecasts in his election platform, Liberal Leader Mark Carney accuses Poilievre of using "phantom numbers" and NDP Leader Jagmeet Singh claims both of his rivals are planning deep spending cuts. (April 22, 2025 / The Canadian Press)
But the Conservatives calculate the economy would rev up as a result of their tax cuts, lower government spending, the elimination of “red tape,” especially from slashing regulations choking the oil and gas sector, so their platform includes billions in future new revenues from what they guess would be a 1 per cent boost to economic activity that help Poilievre’s projected bottom line听鈥 a budgeting move that the Liberals decried as “magic” accounting, pulling numbers “from the sky.”
鈥淭his is a hopeful message. And you know this really is the choice. Do you want hope for a change, or do you want fear that keeps us in descent with rising costs and crime and a fourth Liberal term?鈥 said Poilievre, speaking in Woodbridge.
The biggest spending cuts, according to the Conservative platform, are $23.5 billion over four years to trim the number of independent consultants doing government work. Poilievre鈥檚 platform says he鈥檒l return to 2015 levels of outside hires.
The Conservative platform does not match numbers Poilievre put out during the campaign, and instead lowballs the estimate of a key tax cut measure, particularly his signature promise on day two of the campaign to offer a steeper personal income tax cut than the Liberals promised.听In Brampton when Poilievre first announced he would drop the tax rate on the lowest income tax bracket from 15 per cent to 12.75 per cent听鈥 a 2.25 percentage point cut听鈥 the party said it would be phased in over three years, and cost $42 billion over four years.听
However, Tuesday’s Conservative platform projects a much lower cost to the treasury of that promise听鈥 $30 billion听鈥 in foregone tax revenue, and campaign officials say that’s based on information that the PBO provided, that it will not actually cost as much as thought.
In another case, the platform acknowledges a steeper cost to a Conservative pledge to remove the GST on new homes sold for under $1.3 million.听Previously, Conservatives estimated that promise would听cost between $4 billion to $5 billion.听The Conservative platform projects the sales tax cut on new homes would amount to $7.7 billion over four years.
But the party estimates that there would be a boon in new housing construction which would drive an additional $12.8 billion in revenue for government coffers.
And it estimates that the combined effect of changes to capital gains taxes (including a pledge to defer capital gains for 18 months on reinvestments in Canada), killing burdensome regulations on the energy sector, and cutting government red tape would add up to another $20.6 billion in additional government revenue, on top of the housing boom’s contribution.
Poilievre鈥檚 platform plans for cuts of $9.4 billion in Canada鈥檚 $12.3 billion annual foreign aid budget that provides money for poor and war-torn countries, including Ukraine. A Conservative government would spread cuts out over four years, money that Poilievre previously pledged to reallocate to his Arctic defence plan, which entails building a new Arctic military base, and new icebreakers.
The platform also contains optimistic predictions that cracking down on 鈥渃riminal tax evasion and overseas tax havens鈥 would net $26.4 billion for the government over four years. And it counts on $20 billion in countertariff revenue - as the Liberals do - arising from import duties Ottawa has imposed in retaliation for Trump’s tariffs.
“We are inheriting a very large Liberal deficit,” Poilievre said, citing the $46.8 billion deficit for the current fiscal year that began April 1, which the parliamentary budget office has set out as a baseline for political parties to work with through the campaign.
Poilievre said the countertariff revenue would be used to pay for tax cuts and help for businesses and workers hit by U.S. President Donald Trump’s trade war.
He noted he previously pledged a $3 billion loan program to aid businesses through the tariff war.
Other politically popular promises with the Conservative base will not net much for the government treasury.听For听example, cancelling what Poilievre calls the 鈥淟iberal gun grab鈥 or buyback of assault-style weapons would net only $541 million, according to the Conservatives. The PBO has previously estimated the cost of the buyback program at $756 million.
While Poilievre’s platform reiterated his promise to “defund” the CBC, the document lumped projected savings from cuts to the broadcaster with other unspecified reductions from Crown corporations, totalling $1 billion per year. The Conservatives say they would preserve French-language Radio-Canada while making English CBC a “Canadian-owned, self-sufficient media organization that is not-for-profit” and supported by donations and other private revenue.
Poilievre previously estimated that the addictions recovery plan he is offering would cost $1 billion. Tuesday’s platform estimated that program would cost $200 million a year, or $800 million over four years.
Liberal Leader Mark Carney, in Trois-Rivi猫res, Que., said of the Conservative plan that “there are so many phantom numbers in that platform.”
“It says that (economic) growth will come from somewhere, even though there’s no plan to address the biggest risk to our economy, the U.S., even though their tax cut doesn’t arrive for four years, even though their costing numbers are far too low, even though their reductions in spending don’t appear.”听
“If we made the assumptions that the Conservatives did about growth in our platform, we’d be in a fiscal surplus in five years,” Carney said. “We are in a crisis, and in a crisis you always plan for the worst. You don’t hope for the best. And so you don’t make those types of assumptions.”
Liberal Finance Minister Fran莽ois-Philippe Champagne criticized the Conservative platform as short-sighted, while defending the Liberal platform unveiled Saturday which planned for $129 billion in spending, and some $28 billion in unspecified spending cuts.
“What you’re seeing is that the world has changed, but Pierre Poilievre has not changed. It is clear that in the DNA of the Conservative is cuts. The DNA of the NDP is about taxing. We chose investments, investments that will make a life will make a difference in the life of Canadians,” he told reporters.
Former TD Bank chief economist Don Drummond, in an interview with the Star’s Althia Raj said, “none of the parties address our difficult and vulnerable fiscal position. They听continue the deficits and a high debt burden for quite a time. And while the rhetoric,听particularly for the Conservatives, was that they were going to cut an awful lot of spending,听that’s not what they show in their plan.”
NDP Leader Jagmeet Singh slammed Poilievre鈥檚 plan for its 鈥渕assive cuts,鈥 but quickly pivoted to comparing it to the Liberals鈥 plan and attacking Carney.鈥淗e鈥檚 cutting and that鈥檚 what we expect of Conservatives. That鈥檚 what they do,鈥 Singh told reporters in Vancouver. 鈥淏ut what is surprising is that Mark Carney also laid out a lot of cuts in his platform.鈥
With files from Mark Ramzy and Althia Raj
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