1. Throughout the election campaign, many experts have pointed out the Liberals are tending to lean on their accomplishments from the past four years. In their official platform, the Liberals claim that Canadians “created more than one million new jobs in just four years.” The party also says that “further progress is needed,” however they have not released any specific plans.
2. The Liberals are also pointing out that over the last four years, the national debt-to-GDP ratio has been trending downward, and currently sits at 30.9 per cent. They claim the declining debt, when compared to the size of the Canadian economy, has helped lift 900,000 people out of poverty.
3. The Liberals have also promised to review and “modernize” anti-avoidance rules. This, they say, will stop large multinational companies from being able to shop for lower tax rates by using other countries’ tax systems.
4. Trudeau has also announced a “crack down on corporate tax loopholes” that the Liberals say currently “allows companies to excessively deduct debt to artificially reduce the tax they pay.”
5. And, not wanting Conservative criticisms to go without a response, Trudeau and the Liberals have announced a full small business plan, which they say is aimed to ease costs for Canadian small business owners. This plan would include:
- Cutting the federal incorporation cost by 75 per cent, from $200 to $50.
- Removing the fees associated with federally-run business advisory services.
- Giving $250 to every new business with plans to expand their online presence.
- Removing the “swipe fee” on HST and GST transactions, which the Liberals say will save Canadian small businesses a collective $500 million per year.