The NDP have promised to increase the amount of investment profits subject to capital gains taxation to 75 per cent, which was the rate that was last in place in the year 2000. The party says the initiative would generate almost $3 billion more in government revenue, which they would put towards pharmacare, child care, education, and housing.
Throughout the campaign, Singh and the New Democrats have often been critical of previous Conservative and Liberal governments for giving tax breaks to wealthy Canadians and larger corporations. They have promised that an elected NDP government would increase the top marginal tax rate for Canadians making over $210,000 to 35 per cent, up from 33 per cent. They claim this would account for an extra $500 million annually.
The NDP have pledged to keep the Liberals’ carbon tax system in place, but if re-elected, would re-tool some aspects of the tax. Some of the tweaks would include requiring companies who exceed 70 per cent of the industry’s average emissions to pay for those emissions. The current Liberal system has that number set at 90 per cent.
The NDP is also pledging to implement a 15 per cent foreign buyers tax on residential properties bought by foreign corporations or non-Canadian citizens. The party claims the tax will help to prevent volatile housing markets, which they say will help Canadians afford to buy homes. The NDP says the tax will also “raise substantial revenues, while contributing to stabilizing the residential housing market across the country.”