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Canada's Conservatives To Lock-in Low Tax Rates

by Robert Lee, Tax-News.com, London

14 October 2015


Canada's Conservative Party has said that it will introduce "tax lock" legislation within the next four years if it wins the October 19 general election.

The party has published a "low-tax, balanced budget plan" it said will protect Canada's economy. Prime Minister and party leader Stephen Harper said: "Our number one priority is protecting Canada's economy. Our low-tax, balanced budget plan will secure our future prosperity and ensure that we can continue to lower taxes and support Canada's families and seniors."

The Conservative Party stated: "Our low-tax plan is rooted in the belief that Canadians' money belongs to them and not the government. That's why we've consistently lowered the tax burden on all Canadians. Our low-tax pledge is a reflection of our record: Canadians know that we'll do what we say we'll do, and that we'll manage taxpayer dollars responsibly."

"We're prepared to go even further and entrench our low-tax plan in legislation. Our 'tax lock' legislation will back our low-tax commitment – to families, seniors, workers, and small businesses – with the force of the law for the next four years."

The party also pointed out that it balanced the budget in 2014, a year ahead of schedule. "A balanced budget is the foundation and anchor of our low-tax plan. Our platform projects credible budget surpluses each and every year. We'll continue to make the right choices to keep our budget balanced," it said.

Harper alleged that the Conservatives' Liberal rivals "have promised a high-tax, high-debt agenda that has failed in other countries around the world and will wreck our economy here at home." He said a Liberal Government would "cancel income-splitting, claw back Tax-Free Savings Accounts and impose a CAD1,000 (USD767) payroll tax hike on the typical Canadian worker. Make no mistake, Liberal tax hikes will take thousands of dollars out of the pockets and bank accounts of Canadian families."

TAGS: tax | small business | business | law | budget | tax thresholds | payroll | legislation | tax rates | Canada | tax reform | individual income tax

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