NDP Leader Jagmeet Singh heads to the bus on the way to a campaign event in Burnaby, B.C. on Sunday, Sept. 29, 2019. THE CANADIAN PRESS/Andrew Vaughan

NDP Leader Jagmeet Singh heads to the bus on the way to a campaign event in Burnaby, B.C. on Sunday, Sept. 29, 2019. THE CANADIAN PRESS/Andrew Vaughan

VIDEO: Re-elected Liberals would still run big deficits, despite new taxes

Trudeau effectively saying “Canada will literally go on adding debt forever,” according to Tory critic

Justin Trudeau tried to make virtue out of red ink Sunday as he released a Liberal platform that promises to impose new taxes on wealthy individuals, large international corporations, foreign housing speculators and tech giants to help cover the cost of billions in new spending and tax breaks for the middle class.

Even with the new taxes, the platform projects another four years of deficits if the Liberals are re-elected on Oct. 21 — $27.4 billion next year, falling to $21 billion by the fourth year of the mandate.

But in a news conference at the University of Toronto’s Mississauga campus, Trudeau said he’s leaning in to the old tax-and-spend Liberal reputation to establish an important point of distinction from his arch-rivals.

“We are making a different choice than Conservatives do,” Trudeau said in response to repeated questions about the persistent Liberal deficit.

“We’re choosing to invest in middle-class Canadians, invest in people’s communities because, quite frankly, that is what has worked over the past four years. Responsible investments have led to the creation of over a million new jobs, most of them full time, and lifting 900,000 people, including 300,000 kids, out of poverty.

“Conservatives are still making the argument that the way to grow the economy is through cuts and austerity and tax breaks that go to the wealthiest. We disagree.”

Conservative Leader Andrew Scheer was taking a break from the campaign trail Sunday. But his finance critic, Ottawa MP Pierre Poilievre, told a news conference that Trudeau is effectively saying “Canada will literally go on adding debt forever.” He predicted that a re-elected Liberal government would wind up imposing “massive tax increases to fund this irresponsible and costly platform” that would add $56 billion in new spending over four years.

“He expects Canadians to believe that money falls out of the sky or grows on trees,” Poilievre scoffed.

In B.C., NDP Leader Jagmeet Singh spent a sixth straight day stumping for west-coast votes, promising a $100-million fund to help keep young people out of gangs and mitigate the growing problem of organized crime.

And in Vancouver, Green party Leader Elizabeth May said her party would introduce a “robot tax” if elected — a levy to be paid by a company every time it replaces a worker with a machine, part of a strategy to ease the impact of the growth of artificial intelligence.

READ MORE: Trudeau, Scheer navigate climate marches that dominate federal campaign

But Sunday was mostly about the Liberal platform, which Trudeau described as a “fiscally responsible” plan under which the Canada’s debt-to-GDP ratio — already the best among G7 countries, at 30.9 per cent — would decrease every year of a second mandate. As well, he said Canada will retain its triple-A credit rating, shared with only one other G7 country: Germany.

According to the platform, the proposed new taxes, combined with revenue from the Trans Mountain pipeline expansion project, would fatten federal coffers by $5.2 billion in the first year, rising to $7.2 billion in the fourth year.

But the extra monies would be eclipsed by 48 new spending and tax break initiatives for the middle class, which the platform estimates would cost $9.3 billion next year, rising to nearly $17 billion by the fourth year of a second mandate. The platform does not, however, include costing for several promises, including the promise to introduce a national pharmacare program which Trudeau said will have to be negotiated with the provinces.

Joan Bryden, The Canadian Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dementia doesn’t just affect the person living with a diagnosis; it affects caregivers, family, friends and their community. (Submitted)
January is Alzheimer’s Awareness Month

“Raise your voice: Dementia, long-term care and COVID-19” on Jan. 27

The firefighters at the Mesachie Lake fire hall could soon be working out of a new retrofitted building if the Cowichan V alley Regional District is successful with its application for a $350,000 federal grant to fund the project. (File photo)
Major retrofit planned for Mesachie Lake fire hall

CVRD applies for $350,000 federal grant

Dog owners, from left, Marlyn Briggs with Nayla, Marjory Sutherland with Effie and Mick, and Christina Godbolt with Conon walk their pets frequently at the Chemainus Ball Park but are growing increasingly concerned about drugs being found discarded in the area. (Photo by Don Bodger)
Puppy requires emergency treatment 3 times after ingesting drugs from Chemainus parks

Dog owners walking in Chemainus parks urged to take caution

The Cowichan Valley School District is holding an online session to discuss the future of Koksilah Elementary School, closed since 2013. (File photo)
What’s the future of the old Koksilah Elementary School?

The district is hoping to collect feedback on options for the future of the school.

Jim Neiser of Neiser Sales, Service & Rentals Ltd. died suddenly on Jan. 4. after suffering an apparent cardiac event at work. (Submitted photo)
Prominent Lake Cowichan businessman Jim Neiser dead at 63

Lake Cowichan Mayor Bob Day said the long-time laker will be missed.

Toronto Public Health nurse Lalaine Agarin sets up for mass vaccination clinic in Toronto, Jan. 17, 2021. B.C. is set to to begin its large-scale immunization program for the general public starting in April. THE CANADIAN PRESS/Frank Gunn
B.C.’s COVID-19 mass vaccinations expected to start in April

Clinics to immunize four million people by September

Terry Keogh, an RDN Transit driver, used his paramedic skills the morning of Jan. 22 after coming across an unconscious woman along his route in downtown Nanaimo. (RDN Transit photo)
Nanaimo transit driver stops his bus and helps get overdosing woman breathing again

Former EMT from Ireland performed CPR on a woman in downtown Nanaimo on Friday

Chief Public Health Officer Theresa Tam speaks during a daily briefing in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)
31 cases of COVID-19 variants detected in Canada: Health officials

Dr. Theresa Tam made announces 13 more variant COVID-19 cases in Canada

Daily COVID-19 cases reported to each B.C. health region, to Jan. 20, 2021. Island Health in blue, Northern Health green, Interior Health orange, Vancouver Coastal in red and Fraser Health in purple. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infection rate stays stable with 508 cases Friday

Vaccine delivered to more than 110,000 high-risk people

Black Press file photo
Investigation at remote burned-out Vancouver Island cabin reveals human remains

Identity of victim not released, believed to be the owner of an SUV vehicle found parked nearby

Angela Waldick is the new team photographer for the Nanaimo NightOwls. (Nanaimo NightOwls photo)
Half-blind photographer will help new Island baseball team look picture-perfect

Nanaimo NightOwls say legally blind team photographer is making history

The District of Saanich’s communications team decided to take part in a viral trend on Thursday and photoshopped U.S. Senator Bernie Sanders into a staff meeting photo. (District of Saanich/Twitter)
Bernie Sanders makes guest appearance municipal staff meeting in B.C.

Vancouver Island firefighters jump on viral trend of photoshopped U.S. senator

School District 57 headquarters in Prince George. (Mark Nielsen, Local Journalism Initiative Reporter)
Prince George school district settles with sexual abuse victim

Terms were part of an out-of-court settlement reached with Michael Bruneau, nearly four years after he filed a lawsuit

Surrey provincial court. (File photo: Tom Zytaruk)
New COVID-19 protocols set for provincial courthouses

The new rules were issued on Jan. 21, and took effect immediately

Most Read