Canadians are on the hook for reckless Liberal spending, both today and for generations to come.
With deficits spiraling out of control, the Liberals are on course to bring Canada’s debt to $1.5 Trillion by 2045, and Justin Trudeau won’t be able to balance the budget until 2055 (despite promising to do it in 2019).
This information was quietly revealed by Justin Trudeau’s Department of Finance just before Christmas.
The same report also showed that under the Liberal plan, within 15 years the Government of Canada will be paying more than $50 billion every year just to make our interest payments. Spending $50 billion on interest payments is a stark reminder that Justin Trudeau’s borrowing isn’t free – it means there is less money available for health care, education, roads, or tax relief for Canadians.
Debt isn’t free. With Trudeau’s out-of-control spending in just 15 years we'll be spending over $50 billion every year on interest payments. pic.twitter.com/AG7yAzAZ3h
— Rona Ambrose (@RonaAmbrose) January 7, 2017
Justin Trudeau’s out-of-control spending and tax hikes are sending Canada on a dangerous, unsustainable path.
Liberal tax hikes are already here
Even today, Canadians are paying for Justin Trudeau’s spending. On January 1, 2017 a number of Justin Trudeau’s tax hikes came into effect:
– The Family Tax Cut has been cancelled. This means that couples can no longer share their income for income tax purposes. If one spouse makes more money than the other, your taxes could go up by as much as $2,000.
– The Children’s Arts Tax Credit has been cancelled, so parents can no longer claim their kids’ arts classes on their tax returns.
– The Children’s Fitness Tax Credit has also been cancelled, so parents can no longer claim the kids’ sports and fitness programs on their tax returns. This means that things like hockey, swim lessons, and dance class will now cost families more.
– For families with kids in post-secondary education, Justin Trudeau’s Liberals have cancelled the Education and Textbook Tax Credits. Post-secondary students and their parents can no longer claim any education or textbook expenses on their tax returns.
– Your Tax-Free Savings Accounts (TFSAs) contribution limits have also been reduced by $4,500. This means you will pay more tax on your savings.
– The Small Business Jobs Credit has also been cancelled. As of January 1, 2017, small business owners can no longer claim a tax credit for hiring new employees, which will make it harder for our local businesses to grow and create jobs.
None of these tax credits are being replaced by the Liberals, so everything from after school swimming, to your university degree, to saving for retirement will now cost more.
More tax hikes coming
Justin Trudeau’s Liberals have also openly been wondering which taxes they will raise next, from cancelling the Volunteer Firefighter Tax Credit, to the Public Transit Tax Credit, to even the Charitable Donations Tax Credit.
But the big one is the Carbon Tax. As my colleague Rachael Harder explains in this video, it could cost your household over $2,500 every year once it’s implemented:
On top of all the other tax hikes the Liberals are considering, does your family have an extra $2,500 each and every year?
Conservatives are in your corner
Unlike Justin Trudeau’s Liberals, Canada’s Conservatives understand that Canadians are looking for a break from the government – not higher taxes. We understand that you already work hard, and that making life more expensive shouldn’t be an option on the table.
That’s why we’ve been hard at work, standing up for ordinary Canadians against a Liberal government that is more interested in vacations with billionaires and cash-for-access events with Justin Trudeau, than they are about ordinary Canadians.
Conservatives believe tax relief and controlled government spending will help Canadians and support a strong, stable economy. Justin Trudeau believes the way to help Canadians is to saddle them with more than $1.5 Trillion of debt.
Justin Trudeau’s plan has already failed.