With Canada set to vote on April 28, party leaders are making bold promises—not just about values, but about your bottom line. From tax cuts to housing reforms and retirement tweaks, the question for many voters is simple:
“Which party will actually make life more affordable?”
Here’s a snapshot of how the leading parties—Liberals, Conservatives, NDP, and Greens—say they’ll improve your financial future.
INCOME TAXES: Who’s putting more cash in your pocket?
Liberal Party
- Cutting the lowest tax bracket by 1% (to 14%)
- Could save the average tax filer ~$400 annually
- Temporary GIS increase of 5% in 2025
- Reduced RRIF withdrawal requirements for 2025
Conservative Party
- Slashing lowest tax rate to 12.75% (from 15%)
- Seniors can earn up to $34,000 tax-free
- Larger tax write-offs for trades workers’ travel
- TFSA limit boosted by $5,000 for Canadian investments
- Capital gains reinvestment holiday (July 2025–Dec 2026)
New Democratic Party (NDP)
- No income tax on earnings below $19,500
- Basic personal amount cut to $13,500 for high-income earners
- Doubling the Canada Disability Benefit from $2,400 to $4,800
- Reinstating higher capital gains tax on large profits
Green Party
- Raising basic personal exemption to $40,000
- Could return up to $3,644 in annual tax savings
HOUSING: Who’s making it easier to own or rent a home?
Liberals
- Eliminating GST for first-time buyers on homes under $1M
- Promoting Canadian lumber for mass timber housing projects
Conservatives
- GST waived on all new homes under $1.3M
- Plan to reduce red tape and incentivize housing starts
NDP
- Low-interest mortgages for first-time buyers
- National rent control and a Canada-wide renters’ bill of rights
- Ban on “renovictions” and short-term lease abuses
Greens
- More federal funds for public housing construction
- Closing loopholes in housing markets and ending “dirty money” laundering
INFLATION & AFFORDABILITY: Who’s fighting price hikes?
NDP
- Emergency price caps on essentials like pasta, formula, frozen veggies
- Higher taxes on grocery giants
- GST removed from key essentials: diapers, phone bills, heating
Liberals, Conservatives, and Greens haven’t proposed price caps but aim to stimulate affordability through tax reforms and housing expansion.
RETIREMENT: What happens after 65?
Conservatives
- RRSP-to-RRIF conversion age raised from 71 to 73
- No change to retirement age (stays at 65)
Liberals
- Temporary RRIF flexibility + 5% GIS boost in 2025
- Goal: Help seniors ride out volatility caused by U.S. trade tensions
NDP
- Raising GIS payments (details TBD)
Green Party
- More healthcare and elder care access (especially home-based)
INVESTMENTS: What are they offering the savers?
Conservatives
- TFSA cap raised by $5,000 if investing in Canadian stocks
- Capital gains tax holiday (July 2025–Dec 2026), if reinvested domestically
NDP
- Plans to reinstate 67% capital gains tax inclusion rate (over $250K)
Greens
- Close loopholes on corporate tax avoidance
- Push for financial system reform to better fit today’s digital economy
CARBON TAX: Where do they stand?
Liberals
- Cancelled consumer carbon tax effective April 1
- Expect slightly cheaper fuel across the country
- Last carbon rebate to be issued in April
Conservatives
- Still campaigning to “axe the tax” on energy costs permanently
Final Word: What’s at stake for your finances?
As inflation bites, interest rates wobble, and the U.S. trade war adds heat, the 2025 federal election has a direct line to your pocketbook. Whether you’re a student, homeowner, retiree, or small business owner — every promise has a price tag (or a payoff).
Bookmark Maple News Wire for rolling coverage, riding-by-riding breakdowns, and nonpartisan financial insights that help you cast a confident, informed vote.
