Next Monday, Canadians will elect their new federal government.
Here is a brief overview of what the federal parties are saving about small business and the real estate market. For more information on the federal election please visit CREA’s REALTOR® Action Network.
If elected, the Conservatives would:
- Reduce red tape by launching national red-tape consultations on small business issues. The Conservatives aim to reduce the red tape burden by 20%. One of these red tape reductions would include simplifying the calculation of home office expenses to save Canadians time and money when filing their taxes.
- Implement a tax lock law that would prohibit increases to the federal income tax rates and sales tax rates, and new, discretionary payroll taxes.
- Lower the small business tax rate from 11 percent to 9 percent over four years and cutt payroll taxes on small businesses by 21 percent.
- Collect data on foreign buyer activity in Canada and if necessary take action to curb foreign speculation in Canada’s real estate market.
- Increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000.
New Democratic Party of Canada
- reduce the small business tax rate from 11 percent to 9 percent.
- Cut the middle class income bracket by 7% and introduce a new tax bracket of 33% for incomes over $200,000.
- Repeal income splitting and other tax breaks and benefits for wealthy Canadians.
- Collect data on housing to determine whether speculation is driving up the cost of housing and identify policy tools that could keep homeownership within reach for more Canadians. The Liberals would also restore the mandatory long-form census to ensure data-driven decision making.
- Allow Canadians impacted by sudden and significant life changes to access the Home Buyer’s Plan and use money from their RRSP to buy a house without tax penalty.
To ensure you’re registered to vote or confirm your electoral district please visit Elections Canada.
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