The Conservative Party has had a majority government in Canada since 2011 and has been in power since 2006, or nearly a decade now. It is likely that we will be able to expect similar fiscal policy from them in the years to come as they have had complete control of what passes for nearly 5 years now.
The cornerstone of the Conservative platform as it pertains to small business is based around tax cuts. The primary figure being thrown around is an overall cut in the small business tax rate from 11% to 9%. The Conservative Party has also stated that it wishes to explore voluntary contributions to the Canada Pension Plan which sets apart its platform from the other parties.
Small business policy does only cover a small fraction of the party’s total economic platform however. The following are economic policy changes that the Conservative Party intends to implement with a more broad respect to the economy. Income splitting will be maintained under the Family Tax Cut allowing couples with children under 18 to split up to $50,000. The maximum allotment for TFSA contributions will be raised from $5,500 to $10,000 annually. The Childcare Benefit will rise to $160/month for kids under 6 years old and a $60/month for dependents aged 6 – 17 will be implemented. Old Age Security benefits would be received at 67 years of age as opposed to 65 years of age. The main macro-economic goal for the Conservative Party is to maintain a balanced budget.
Next week’s post will overview the NDP economic platform with primary concern given to small business once again. See you then!
- Gareth Graham