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Tracking Federal Tax Policy Changes: Conservative vs Liberal
As the 2025 election approaches, Canada’s two major parties are rolling out new tax proposals.
This page is maintained by tax expert Kim G C Moody, FCPA, FCA, TEP to provide ongoing, side-by-side comparisons
of federal tax policy announcements from the Conservative and Liberal parties.
Want to stay informed as policies change?
Subscribe here
to receive weekly tax policy updates right in your inbox.
Last updated: April 22, 2025
Tracking Federal Tax Policy Changes: Conservative vs Liberal
As the 2025 election approaches, Canada’s two major parties are rolling out new tax proposals.
This page is maintained by tax expert Kim G C Moody, FCPA, FCA, TEP to provide ongoing, side-by-side comparisons
of federal tax policy announcements from the Conservative and Liberal parties.
Want to stay informed as policies change?
Subscribe here
to receive weekly tax policy updates right in your inbox.
Last updated: April 22, 2025
Tax Policy Comparison:
Tax Reform Overview
Conservative Party
Tax Policy:
Tax Reform Overview
Date:
June, 2024
Summary:
Conservatives propose a task force to reduce taxes, simplify rules, and reduce paperwork by 20%. Focus includes cracking down on tax havens and eliminating corporate welfare...
Tax Reform Overview
Date:
June, 2024
Summary:
Conservatives propose a task force to reduce taxes, simplify rules, and reduce paperwork by 20%. Focus includes cracking down on tax havens and eliminating corporate welfare...
Liberal Party
Tax Policy:
Tax Reform Overview
Date:
N/A
Summary:
Liberals have consistently rejected calls for tax reform or review...
Tax Reform Overview
Date:
N/A
Summary:
Liberals have consistently rejected calls for tax reform or review...
Tax Policy Comparison:
Personal Taxation #1
Conservative Party
Tax Policy:
Reduce the rate of the Bottom Personal Taxation Bracket
Date:
March 24, 2025
Summary:
Proposes reducing the bottom personal income tax bracket from 15% to 12.75% for incomes up to ~$57K, affecting related credits...
Reduce the rate of the Bottom Personal Taxation Bracket
Date:
March 24, 2025
Summary:
Proposes reducing the bottom personal income tax bracket from 15% to 12.75% for incomes up to ~$57K, affecting related credits...
Liberal Party
Tax Policy:
Reduce the rate of the Bottom Personal Taxation Bracket
Date:
March 23, 2025
Summary:
Plans a smaller rate reduction to 14% for the bottom income tax bracket, also impacting personal credit calculations...
Reduce the rate of the Bottom Personal Taxation Bracket
Date:
March 23, 2025
Summary:
Plans a smaller rate reduction to 14% for the bottom income tax bracket, also impacting personal credit calculations...
Tax Policy Comparison:
Personal Taxation #2
Conservative Party
Tax Policy:
Eliminate the capital gains proposals from the 4/16/24 Budget
Date:
January 16, 2025 and earlier
Summary:
The Conservatives oppose the April 2024 capital gains proposals and have stated they would repeal them if elected...
Eliminate the capital gains proposals from the 4/16/24 Budget
Date:
January 16, 2025 and earlier
Summary:
The Conservatives oppose the April 2024 capital gains proposals and have stated they would repeal them if elected...
Liberal Party
Tax Policy:
Eliminate the capital gains proposals from the 4/16/24 Budget
Date:
March 21, 2025
Summary:
PM Mark Carney announced cancellation of the 2024 capital gains tax changes upon assuming office...
Eliminate the capital gains proposals from the 4/16/24 Budget
Date:
March 21, 2025
Summary:
PM Mark Carney announced cancellation of the 2024 capital gains tax changes upon assuming office...
Tax Policy Comparison:
Personal Taxation #3
Conservative Party
Tax Policy:
Increase the Basic Personal Amount For Seniors
Date:
March 26, 2025
Summary:
Conservatives propose to raise the tax-free income threshold for seniors to $34K by increasing the basic personal amount for those aged 65 and older...
Increase the Basic Personal Amount For Seniors
Date:
March 26, 2025
Summary:
Conservatives propose to raise the tax-free income threshold for seniors to $34K by increasing the basic personal amount for those aged 65 and older...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Personal Taxation #4
Conservative Party
Tax Policy:
Change the Mandatory Conversion of RRSPs to RRIFs to Age 73 From 71...
Date:
March 26, 2025
Summary:
Conservatives propose to raise the mandatory RRSP-to-RRIF conversion age from 71 to 73, allowing seniors more time to manage their retirement funds...
Change the Mandatory Conversion of RRSPs to RRIFs to Age 73 From 71...
Date:
March 26, 2025
Summary:
Conservatives propose to raise the mandatory RRSP-to-RRIF conversion age from 71 to 73, allowing seniors more time to manage their retirement funds...
Liberal Party
Tax Policy:
Reduce the Minimum RRIF Withdrawal Amount By 25% For 1 Year
Date:
April 7, 2025
Summary:
The Liberals announced a temporary 25% reduction in the minimum RRIF withdrawal amount for one year, similar to a March 26, 2025 Conservative proposal. While the Conservative plan proposes a permanent change, the Liberal version is limited to a single year. The announcement has drawn comparisons for its timing and similarity, with some noting its short-term nature...
Reduce the Minimum RRIF Withdrawal Amount By 25% For 1 Year
Date:
April 7, 2025
Summary:
The Liberals announced a temporary 25% reduction in the minimum RRIF withdrawal amount for one year, similar to a March 26, 2025 Conservative proposal. While the Conservative plan proposes a permanent change, the Liberal version is limited to a single year. The announcement has drawn comparisons for its timing and similarity, with some noting its short-term nature...
Tax Policy Comparison:
Personal Taxation #5
Conservative Party
Tax Policy:
$5,000 Top-Up For TFSAs If Invested in Canadian Equities
Date:
March 27, 2025
Summary:
Conservatives propose a $5,000 TFSA top-up if the funds are invested in Canadian equities, to support domestic investment...
$5,000 Top-Up For TFSAs If Invested in Canadian Equities
Date:
March 27, 2025
Summary:
Conservatives propose a $5,000 TFSA top-up if the funds are invested in Canadian equities, to support domestic investment...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Personal Taxation #6
Conservative Party
Tax Policy:
Expanded Deductions For Travelling Trades Workers For Cost of Food, Transportation and Accommodation
Date:
March 29, 2025
Summary:
Conservatives propose expanding tax deductions for travelling trades workers and eliminating luxury corporate jet write-offs...
Expanded Deductions For Travelling Trades Workers For Cost of Food, Transportation and Accommodation
Date:
March 29, 2025
Summary:
Conservatives propose expanding tax deductions for travelling trades workers and eliminating luxury corporate jet write-offs...
Liberal Party
Tax Policy:
Expanded Labor Mobility Tax Deduction
Date:
April 5, 2025
Summary:
The Liberals propose expanding the Labour Mobility Tax Deduction by reducing the required travel distance from 150 km to 120 km and say they will consult on increasing the current $4,000 annual deduction limit. However, unlike the Conservatives—who pledged to remove the cap entirely—the Liberals have not committed to a specific increase.
Expanded Labor Mobility Tax Deduction
Date:
April 5, 2025
Summary:
The Liberals propose expanding the Labour Mobility Tax Deduction by reducing the required travel distance from 150 km to 120 km and say they will consult on increasing the current $4,000 annual deduction limit. However, unlike the Conservatives—who pledged to remove the cap entirely—the Liberals have not committed to a specific increase.
Tax Policy Comparison:
Personal Taxation #7
Conservative Party
Tax Policy:
“Canada First Reinvestment Tax Cut” – A Broad-Based Capital Gains Tax Deferral When Proceeds Are Reinvested in Canada
Date:
March 30, 2025
Summary:
Conservatives propose a temporary capital gains deferral when proceeds are reinvested in Canadian assets — a potential economic stimulus...
“Canada First Reinvestment Tax Cut” – A Broad-Based Capital Gains Tax Deferral When Proceeds Are Reinvested in Canada
Date:
March 30, 2025
Summary:
Conservatives propose a temporary capital gains deferral when proceeds are reinvested in Canadian assets — a potential economic stimulus...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Personal Taxation #8
Conservative Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Liberal Party
Tax Policy:
Re-introduction of the Old “Multi-Unit Residential Building” (“MURB”) Tax Shelters?
Date:
March 31, 2025
Summary:
Liberals propose reintroducing 1970s-style tax incentives (MURBs) to stimulate rental housing development...
Re-introduction of the Old “Multi-Unit Residential Building” (“MURB”) Tax Shelters?
Date:
March 31, 2025
Summary:
Liberals propose reintroducing 1970s-style tax incentives (MURBs) to stimulate rental housing development...
Tax Policy Comparison:
Personal Taxation #9
Conservative Party
Tax Policy:
The Conservatives propose to eliminate the reporting of any disposition of your principal residence.
Date:
April 22, 2025
Summary:
The requirement to report the sale of your home will be eliminated….that’s good and bad. Will need to think about that further but it does seem to send a strong signal that they are not touching your home through a reduced principal residence exemption nor home equity tax like the Liberals have entertained.
The Conservatives propose to eliminate the reporting of any disposition of your principal residence.
Date:
April 22, 2025
Summary:
The requirement to report the sale of your home will be eliminated….that’s good and bad. Will need to think about that further but it does seem to send a strong signal that they are not touching your home through a reduced principal residence exemption nor home equity tax like the Liberals have entertained.
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Personal Taxation #10
Conservative Party
Tax Policy:
The caregiver tax credit is proposed to be refundable.
Date:
April 22, 2025
Summary:
The caregiver tax credit is currently a non-refundable tax credit available to individuals who support dependants with physical or mental impairments. The base amount is $2,616 with additional amounts up to $8,375 depending on your spouse's net income. The Conservatives are proposing to change this credit from a non-refundable to a refundable credit. No other details are available. This is an interesting move and welcome!
The caregiver tax credit is proposed to be refundable.
Date:
April 22, 2025
Summary:
The caregiver tax credit is currently a non-refundable tax credit available to individuals who support dependants with physical or mental impairments. The base amount is $2,616 with additional amounts up to $8,375 depending on your spouse's net income. The Conservatives are proposing to change this credit from a non-refundable to a refundable credit. No other details are available. This is an interesting move and welcome!
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Personal Taxation #11
Conservative Party
Tax Policy:
Streamline the disability tax credit.
Date:
April 22, 2025
Summary:
The claiming of the disability tax credit is currently a cumbersome and lengthy process, especially upon an initial claim. The Conservatives are proposing to streamline the additional tax credit. Any improvement to the current process would be welcome!
Streamline the disability tax credit.
Date:
April 22, 2025
Summary:
The claiming of the disability tax credit is currently a cumbersome and lengthy process, especially upon an initial claim. The Conservatives are proposing to streamline the additional tax credit. Any improvement to the current process would be welcome!
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Personal Taxation #12
Conservative Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Liberal Party
Tax Policy:
Introducing a new refundable “Health Care Workers Hero Tax Credit"
Date:
April 19, 2025
Summary:
The Liberals are proposing a new refundable “Health Care Workers Hero Tax credit" ($1.35B over 4 years but it is reduced by the exact amount for “previously announced funding”. The Liberal “plan” does not provide much detail other than it will apply to “Personal Support Workers” with up to $1,100 a year. Not exactly sure what a “personal support worker” is.
Introducing a new refundable “Health Care Workers Hero Tax Credit"
Date:
April 19, 2025
Summary:
The Liberals are proposing a new refundable “Health Care Workers Hero Tax credit" ($1.35B over 4 years but it is reduced by the exact amount for “previously announced funding”. The Liberal “plan” does not provide much detail other than it will apply to “Personal Support Workers” with up to $1,100 a year. Not exactly sure what a “personal support worker” is.
Tax Policy Comparison:
Excise & Other Tax #1
Conservative Party
Tax Policy:
Reduce the GST on new housing
Date:
March 25, 2025
Summary:
Increase GST housing threshold to $1.3M with no restriction to first-time buyers...
Reduce the GST on new housing
Date:
March 25, 2025
Summary:
Increase GST housing threshold to $1.3M with no restriction to first-time buyers...
Liberal Party
Tax Policy:
Reduce the GST on new housing
Date:
March 20, 2025
Summary:
Eliminate GST on new homes under $1M, but only for first-time home buyers...
Reduce the GST on new housing
Date:
March 20, 2025
Summary:
Eliminate GST on new homes under $1M, but only for first-time home buyers...
Tax Policy Comparison:
Excise & Other Tax #2
Conservative Party
Tax Policy:
TElimination of the consumer carbon tax
Date:
Longstanding Policy
Summary:
Repeal the consumer carbon tax entirely – part of the long-standing “Axe the Tax” policy...
TElimination of the consumer carbon tax
Date:
Longstanding Policy
Summary:
Repeal the consumer carbon tax entirely – part of the long-standing “Axe the Tax” policy...
Liberal Party
Tax Policy:
Elimination of the consumer carbon tax
Date:
March 14 & 25, 2025
Summary:
Set carbon tax rate to nil by directive and order-in-council; legislation not repealed...
Elimination of the consumer carbon tax
Date:
March 14 & 25, 2025
Summary:
Set carbon tax rate to nil by directive and order-in-council; legislation not repealed...
Tax Policy Comparison:
Excise & Other Tax #3
Conservative Party
Tax Policy:
Elimination of the industrial carbon tax
Date:
Longstanding Policy
Summary:
Repeal the consumer carbon tax entirely – part of the long-standing “Axe the Tax” policy...
Elimination of the industrial carbon tax
Date:
Longstanding Policy
Summary:
Repeal the consumer carbon tax entirely – part of the long-standing “Axe the Tax” policy...
Liberal Party
Tax Policy:
Elimination of the industrial carbon tax
Date:
March 14 & 25, 2025
Summary:
Set carbon tax rate to nil by directive and order-in-council; legislation not repealed...
Elimination of the industrial carbon tax
Date:
March 14 & 25, 2025
Summary:
Set carbon tax rate to nil by directive and order-in-council; legislation not repealed...
Tax Policy Comparison:
Excise & Other Tax #4
Conservative Party
Tax Policy:
The Conservative Party will Eliminate the Annual Alcohol Tax Increase Implemented by the Liberal Party...
Date:
April 1, 2025
Summary:
Repeal the annual inflation-indexed alcohol excise tax increase and roll back rates to 2017 levels...
The Conservative Party will Eliminate the Annual Alcohol Tax Increase Implemented by the Liberal Party...
Date:
April 1, 2025
Summary:
Repeal the annual inflation-indexed alcohol excise tax increase and roll back rates to 2017 levels...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Excise & Other Tax #5
Conservative Party
Tax Policy:
Removal of GST on Canadian Made Cars
Date:
April 3, 2025
Summary:
Temporarily remove GST on all new Canadian-made cars in response to U.S. tariffs...
Removal of GST on Canadian Made Cars
Date:
April 3, 2025
Summary:
Temporarily remove GST on all new Canadian-made cars in response to U.S. tariffs...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Excise & Other Tax #6
Conservative Party
Tax Policy:
Scrapping the Underused Housing Tax
Date:
April 22, 2025
Summary:
The Conservative Party has committed to scrapping the Underused Housing Tax! Good! Such a non-productive and purely political tax.
Scrapping the Underused Housing Tax
Date:
April 22, 2025
Summary:
The Conservative Party has committed to scrapping the Underused Housing Tax! Good! Such a non-productive and purely political tax.
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Corporate Taxation Policy #1
Conservative Party
Tax Policy:
Restrict the Deductibility of the Use of Corporate Aircraft
Date:
March 29, 2025
Summary:
Limit deductions on corporate aircraft to commercial flight equivalents, except in remote work scenarios...
Restrict the Deductibility of the Use of Corporate Aircraft
Date:
March 29, 2025
Summary:
Limit deductions on corporate aircraft to commercial flight equivalents, except in remote work scenarios...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Corporate Taxation Policy #2
Conservative Party
Tax Policy:
“Canada First Reinvestment Tax Cut” – A Broad Based Capital Gains Deferral in Proceeds Are Reinvested in Canada
Date:
March 30, 2025
Summary:
Introduce a broad-based capital gains tax deferral if proceeds are reinvested in Canadian assets...
“Canada First Reinvestment Tax Cut” – A Broad Based Capital Gains Deferral in Proceeds Are Reinvested in Canada
Date:
March 30, 2025
Summary:
Introduce a broad-based capital gains tax deferral if proceeds are reinvested in Canadian assets...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Corporate Taxation Policy #3
Conservative Party
Tax Policy:
Closing of Offshore Tax “Loopholes”
Date:
April 8, 2025
Summary:
The Conservatives announced plans to close offshore tax loopholes—specifically targeting companies like Brookfield—by appointing a Tax Task Force, redirecting CRA resources away from small businesses toward offshore enforcement, and potentially creating a public “name and shame” website for tax-dodging multinationals. They also propose expanding the Offshore Tax Informant Program by raising whistleblower rewards from a maximum of 15% to 20% of recovered funds. While the proposals aim to crack down on international tax avoidance, the details remain complex and politically charged...
Closing of Offshore Tax “Loopholes”
Date:
April 8, 2025
Summary:
The Conservatives announced plans to close offshore tax loopholes—specifically targeting companies like Brookfield—by appointing a Tax Task Force, redirecting CRA resources away from small businesses toward offshore enforcement, and potentially creating a public “name and shame” website for tax-dodging multinationals. They also propose expanding the Offshore Tax Informant Program by raising whistleblower rewards from a maximum of 15% to 20% of recovered funds. While the proposals aim to crack down on international tax avoidance, the details remain complex and politically charged...
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Corporate Taxation Policy #4
Conservative Party
Tax Policy:
Reform Investment Tax Credits
Date:
April 22, 2025
Summary:
The Conservatives have promised to “Reform Investment Tax Credits” to reward clean Canadian manufacturing and production. There are no additional details provided to describe what this means.
Reform Investment Tax Credits
Date:
April 22, 2025
Summary:
The Conservatives have promised to “Reform Investment Tax Credits” to reward clean Canadian manufacturing and production. There are no additional details provided to describe what this means.
Liberal Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Tax Policy Comparison:
Corporate Taxation Policy #5
Conservative Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Liberal Party
Tax Policy:
Expand Critical Minerals Tax Credit
Date:
April 19, 2025
Summary:
A number of newly announced tax measures were introduced in the Liberal's Fiscal and Costing Plan on April 19, including "Expand Critical Minerals tax credit". There are no additional details provided to describe what this means.
Expand Critical Minerals Tax Credit
Date:
April 19, 2025
Summary:
A number of newly announced tax measures were introduced in the Liberal's Fiscal and Costing Plan on April 19, including "Expand Critical Minerals tax credit". There are no additional details provided to describe what this means.
Tax Policy Comparison:
Corporate Taxation Policy #6
Conservative Party
Tax Policy:
N/A
Date:
N/A
Summary:
N/A
N/A
Date:
N/A
Summary:
N/A
Liberal Party
Tax Policy:
Expand Canadian Exploration Expense
Date:
April 19, 2025
Summary:
A number of newly announced tax measures were introduced in the Liberal's Fiscal and Costing Plan on April 19, including "Expand Canandian exploration expense". There are no additional details provided to describe what this means.
Expand Canadian Exploration Expense
Date:
April 19, 2025
Summary:
A number of newly announced tax measures were introduced in the Liberal's Fiscal and Costing Plan on April 19, including "Expand Canandian exploration expense". There are no additional details provided to describe what this means.
| Tax Policy Comparison: TAX REFORM OVERVIEW |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Announce a Tax Reform Task Force within 60 days of election to deliver a “Bring it Home Tax Cut” | N/A |
| DATE | June 2024 | N/A |
| DESCRIPTION & COMMENT | Conservatives pledge a task force to simplify taxes, reduce paperwork, cut taxes for work and production, reduce corporate welfare, and crack down on offshore avoidance. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #1 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Reduce bottom personal tax rate from 15% to 12.75% | Reduce bottom personal tax rate from 15% to 14% |
| DATE | March 24, 2025 | March 23, 2025 |
| DESCRIPTION & COMMENT | The Conservatives propose a deeper cut to the lowest tax bracket, bringing it to 12.75%, with broader fiscal impact and reduced credit recovery. Estimated cost: $12B. | The Liberals propose a modest reduction to the bottom tax bracket, lowering it to 14%. Estimated cost: $6B. |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #2 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Eliminate the capital gains proposals from the April 16, 2024 Federal Budget | Cancel capital gains proposals from the April 16, 2024 federal budget |
| DATE | January 16, 2025 and earlier | March 21, 2025 |
| DESCRIPTION & COMMENT | The Conservatives consistently opposed the capital gains tax increases proposed in Budget 2024 and have committed to eliminating them if elected. | Prime Minister Mark Carney announced his intent to cancel the Budget 2024 capital gains proposals as part of his early leadership agenda. |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #3 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Increase the Basic Personal Amount for Seniors | N/A |
| DATE | March 26, 2025 | N/A |
| DESCRIPTION & COMMENT | Seniors would be allowed to earn up to $34K tax-free, by increasing the Basic Personal Amount for those age 65+. This would primarily benefit employed or self-employed seniors and must be carefully coordinated with the age credit rules. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #4 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Change RRSP to RRIF conversion age from 71 to 73 | Reduce the Minimum RRIF Withdrawal Amount By 25% For 1 Year |
| DATE | March 26, 2025 | April 7, 2025 |
| DESCRIPTION & COMMENT | The Conservatives propose deferring the required age for RRSP to RRIF conversion from 71 to 73. This gives seniors more flexibility in how and when they access retirement funds... | The Liberals announced a temporary 25% reduction in the minimum RRIF withdrawal amount for one year, similar to a March 26, 2025 Conservative proposal. While the Conservative plan proposes a permanent change, the Liberal version is limited to a single year. The announcement has drawn comparisons for its timing and similarity, with some noting its short-term nature... |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #5 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | $5,000 TFSA top-up for Canadian equity investments | N/A |
| DATE | March 27, 2025 | N/A |
| DESCRIPTION & COMMENT | A $5,000 TFSA top-up will be granted if invested in Canadian equities. This is intended to encourage domestic investment and revive a concept similar to past foreign content rules. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #6 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Expand deductions for trades workers’ travel expenses | Expanded Labor Mobility Tax Deduction |
| DATE | March 29, 2025 | April 5, 2025 |
| DESCRIPTION & COMMENT | The Conservatives propose to eliminate the $4,000 deduction cap and allow full write-offs of food, transportation, and accommodations for tradespeople traveling long distances. Also proposes limiting corporate jet write-offs. | The Liberals propose expanding the Labour Mobility Tax Deduction by reducing the required travel distance from 150 km to 120 km and say they will consult on increasing the current $4,000 annual deduction limit. However, unlike the Conservatives—who pledged to remove the cap entirely—the Liberals have not committed to a specific increase. |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #7 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Capital gains tax deferral when reinvested in Canadian assets | N/A |
| DATE | March 30, 2025 | N/A |
| DESCRIPTION & COMMENT | Conservatives propose a time-limited tax deferral for capital gains reinvested in Canadian assets (July 2025 to Dec 2026). Aiming to boost domestic investment, this would operate similarly to the U.S. "like-kind" exchange model. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #8 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | N/A | Reintroduction of 1970s-style MURB tax shelters for rental housing |
| DATE | N/A | March 31, 2025 |
| DESCRIPTION & COMMENT | N/A | Liberals propose reviving the Multi-Unit Residential Building (MURB) tax incentive from the 1970s to stimulate private rental housing development as part of a broader $35B housing plan. |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #9 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | The Conservatives propose to eliminate the reporting of any disposition of your principal residence. | N/A |
| DATE | April 22, 2025 | N/A |
| DESCRIPTION & COMMENT | The requirement to report the sale of your home will be eliminated….that’s good and bad. Will need to think about that further but it does seem to send a strong signal that they are not touching your home through a reduced principal residence exemption nor home equity tax like the Liberals have entertained. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #10 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | The caregiver tax credit is proposed to be refundable. | N/A |
| DATE | April 22, 2025 | N/A |
| DESCRIPTION & COMMENT | The caregiver tax credit is currently a non-refundable tax credit available to individuals who support dependants with physical or mental impairments. The base amount is $2,616 with additional amounts up to $8,375 depending on your spouse's net income. The Conservatives are proposing to change this credit from a non-refundable to a refundable credit. No other details are available. This is an interesting move and welcome! | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #11 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Streamline the Disability Tax Credit | N/A |
| DATE | April 22, 2025 | N/A |
| DESCRIPTION & COMMENT | The claiming of the disability tax credit is currently a cumbersome and lengthy process, especially upon an initial claim. The Conservatives are proposing to streamline the additional tax credit. Any improvement to the current process would be welcome! | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: PERSONAL TAXATION #12 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | N/A | Introducing a new refundable “Health Care Workers Hero Tax Credit" |
| DATE | N/A | April 19, 2025 |
| DESCRIPTION & COMMENT | N/A | The Liberals are proposing a new refundable “Health Care Workers Hero Tax credit" ($1.35B over 4 years but it is reduced by the exact amount for “previously announced funding”. The Liberal “plan” does not provide much detail other than it will apply to “Personal Support Workers” with up to $1,100 a year. Not exactly sure what a “personal support worker” is.
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| Read Full Policy Update | ||
| Tax Policy Comparison: EXCISE & OTHER TAX #1 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Reduce the GST on new housing (increase exemption threshold to $1.3M) | Reduce the GST on new housing (limited to first-time buyers) |
| DATE | March 25, 2025 | March 20, 2025 |
| DESCRIPTION & COMMENT | Proposal to eliminate GST on new home construction up to $1.3M for all buyers, not just first-time purchasers. | GST removed on new homes up to $1M, but only for first-time buyers, as part of the broader Liberal housing initiative. |
| Read Full Policy Update | ||
| Tax Policy Comparison: EXCISE & OTHER TAX #2 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Eliminate the consumer carbon tax | Eliminate the consumer carbon tax (non-legislative action) |
| DATE | Longstanding policy | March 14 & 25, 2025 |
| DESCRIPTION & COMMENT | Conservatives have long advocated repealing the federal consumer carbon tax—central to the "Axe the Tax" campaign. | Carney signed a directive to reduce the tax to nil, but legislation remains in place. Follow-up proposals suggest a shift to industrial emitters. |
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| Tax Policy Comparison: EXCISE & OTHER TAX #3 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Eliminate the industrial carbon tax | Expand the industrial carbon tax |
| DATE | March 17, 2025 | N/A |
| DESCRIPTION & COMMENT | Conservatives propose repealing the carbon tax for large industrial emitters while leaving it to provinces to manage local emissions policies. | Liberals intend to expand carbon taxation on industrial emitters. See Excise & Other Tax #2 for overlapping commentary. |
| Read Full Policy Update | ||
| Tax Policy Comparison: EXCISE & OTHER TAX #4 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Eliminate annual alcohol tax inflation increase and revert to 2017 rates | N/A |
| DATE | April 1, 2025 | N/A |
| DESCRIPTION & COMMENT | Conservatives propose axing the annual inflation-linked increase on alcohol excise duties and rolling back rates to their 2017 levels. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: EXCISE & OTHER TAX #5 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Remove GST on Canadian-made cars in response to U.S. auto tariffs | N/A |
| DATE | April 3, 2025 | N/A |
| DESCRIPTION & COMMENT | Conservatives propose removing GST on new Canadian-manufactured vehicles to counteract U.S. tariffs and support domestic auto jobs. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: EXCISE & OTHER TAX #6 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Scrapping the Underused Housing Tax | N/A |
| DATE | April 22, 2025 | N/A |
| DESCRIPTION & COMMENT | The Conservative Party has committed to scrapping the Underused Housing Tax! Good! Such a non-productive and purely political tax. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: CORPORATE TAXATION POLICY #1 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Restrict deductibility of corporate aircraft to cost of equivalent commercial flight | N/A |
| DATE | March 29, 2025 | N/A |
| DESCRIPTION & COMMENT | Conservatives propose limiting corporate aircraft deductions to equivalent commercial flight costs, with exceptions for job site travel. Seeks to prevent luxury jet write-offs. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: CORPORATE TAXATION POLICY #2 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Capital gains tax deferral when reinvested in Canadian assets | N/A |
| DATE | March 30, 2025 | N/A |
| DESCRIPTION & COMMENT | Broad-based capital gains deferral for proceeds reinvested in Canadian assets. Designed to encourage domestic reinvestment and economic activity. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: CORPORATE TAXATION POLICY #3 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Closing of Offshore Tax “Loopholes” | N/A |
| DATE | April 8, 2025 | N/A |
| DESCRIPTION & COMMENT | The Conservatives announced plans to crack down on offshore tax avoidance by targeting companies like Brookfield, redirecting CRA audits toward multinationals, and expanding whistleblower rewards. They also propose a public “name and shame” site for tax-dodging corporations. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: CORPORATE TAXATION POLICY #4 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Reform Investment Tax Credits | N/A |
| DATE | April 22, 2025 | N/A |
| DESCRIPTION & COMMENT | The Conservatives have promised to “Reform Investment Tax Credits” to reward clean Canadian manufacturing and production. There are no additional details provided to describe what this means. | N/A |
| Read Full Policy Update | ||
| Tax Policy Comparison: CORPORATE TAXATION POLICY #5 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | N/A | Expand Critical Minerals Tax Credit |
| DATE | N/A | April 19, 2025 |
| DESCRIPTION & COMMENT | N/A | A number of newly announced tax measures were introduced in the Liberal's Fiscal and Costing Plan on April 19, including "Expand Critical Minerals tax credit". There are no additional details provided to describe what this means. |
| Read Full Policy Update | ||
| Tax Policy Comparison: CORPORATE TAXATION POLICY #6 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | N/A | Expand Canadian Exploration Expense |
| DATE | N/A | April 19, 2025 |
| DESCRIPTION & COMMENT | N/A | A number of newly announced tax measures were introduced in the Liberal's Fiscal and Costing Plan on April 19, including "Expand Canadian exploration expense". There are no additional details provided to describe what this means. |
| Read Full Policy Update | ||