From childcare to taxes: What Trudeau’s projected win really means for your pocketbook

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Liberal leader Justin Trudeau’s projected victory in Canada’s 2021 federal election gives him another chance to deliver on the promise of a $10-a-day child-care system and take a shot at addressing the country’s housing crisis.

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Trudeau is now projected to continue as Canada’s prime minister, although the head of minority government and the election results are very close to the 2019 federal vote.

While low daycare fees have become a tantalizing promise to many cash-strapped parents, Trudeau had to fend off attacks from the Conservatives, and especially the NDP, on the campaign trail for a housing affordability crisis that was too bad on his watch. Done.

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Both issues are top priorities for young voters, who have become the largest segment of voters in Canada, Tim Powers, president of Summa Strategies and managing director of Abacus Data, told Granthshala News ahead of election day.

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But living up to the expectations will not be easy, he added. They say it will be challenging to build a universal child care system from the ground up and tackle the housing crisis at the same time.

Can the government run together and chew gum? When governments try to do two things at once, the governments themselves usually stumble,” he says.

The Liberals have also promised changes to employment insurance, student loans, seniors’ benefits and income tax.

Here are some key promises and see how difficult it can be to keep them.

Canada’s two most populous provinces are still in agreement with Ottawa, a coast-to-coast subsidized universal child care system far from guaranteed.

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So far, Saskatchewan, Manitoba, Quebec, British Columbia, Nova Scotia, Yukon, Prince Edward Island and Newfoundland and Labrador have signed up. But Alberta and Ontario have yet to sign an agreement.

There is also the question of childcare space. The Liberals have pledged to add 250,000 of them. But some experts caution that the plan is not guaranteed to meaningfully improve the problem of child care availability.

And without a massive ramp-up in child-care resources, a reduction in fees will likely increase waiting-lists for families, David McDonald, senior economist at Canada’s Center for Policy Alternatives (CCPA), previously told Granthshala News. Was.

Highlights of the Liberals’ plan to improve affordability include building or repairing 1.4 million homes over four years; tax on home-flipping; a tax-free savings account to help first-time buyers save for the down payment; and banning blind-bidding, in which homebuyers make an offer without knowing how much others are bidding.

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Like the Conservatives, the Liberals have promised a two-year ban on foreign home buyers. And he has reiterated his 2019 promise to create a beneficial ownership registry of real estate.

Notably, the party did not propose a generalized capital gains tax on the sale of primary residences.

Liberals’ proposed reform of employment insurance includes unemployment benefits for self-employed Canadians, who would only have to contribute the amount they would be paid if they were salaried workers.

The party has also promised to do more to ensure gig work counts toward EI and Canada Pension Plan (CPP) benefits.

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Trudeau has promised to permanently eliminate the federal portion of interest on Canada student loans and Canada Apprentice loans, and to allow new parents to withhold repayments on student loans until their youngest child is five years old. Happens.

The Liberals have said they would increase the Guaranteed Income Supplement (GIS) for low-income seniors to $500 for single seniors and $750 for couples.

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They have also said they will work with the provinces and territories to increase the CPP and Quebec Pension Plan survivor benefits by up to 25 percent.

When it comes to new taxes on individuals, the Liberals say they want to establish a “minimum tax rule” that would ensure that Canadians with enough income to fall into the top tax bracket make at least 15 per year. will pay a tax rate of percentage. .

They will go ahead with plans announced in the budget to introduce new taxes on luxury cars, boats and aircraft as well as vaping products and tobacco.

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