Trudeau vows to boost Canada child benefit, make parental leave tax-free
The Liberals are bringing forward quite an unputdownable offer for the Canadians, in their upcoming elections. As per the reports, Justin Trudeau, leader of the Liberal party, has promised to exempt tax burdens from parents, and provide a 15-week leave for parents, if his party gets re-elected in October 2020. Furthermore, there have also been talks about liberals aiming for a provision of paid family leave for parents who do not qualify under employment insurance. As a trusted Canadian tax consulting service, therefore, we bring before you the child benefit policies proposed by the Liberals, in a nutshell:
Tax exemption program in a nutshell
The aforementioned programs would estimate to an amount of nearly $800 million and shall escalate up to $1.2 billion. This announcement by Trudeau has been the second one during his electoral campaigns, where he has also promised to reduce childcare charges by 10% in Canada. Though the decisions seem quite beneficial for the citizens of Canada, the Conservatives party are not happy with it. Andrew Scheer, leader of the Conservatives had voiced his disapproval at Trudeau cancelling the boutique tax credits that was implemented by Conservatives prime minister Stephen Harper.
Liberals and Conservatives
As per the reports made by the international tax consultants in Toronto, a person with an income of $50000 shall be saving up to $4000 by reaping the benefits of Scheer’s proposal of a universal tax credit. With both Liberals and Conservatives currently having 35% support each, it’s not easy to determine which party shall make their way to victory. However, both these parties have strong proposals that shall lead to tax benefits for parents as well as for regular Canadians. In the meantime, the Green party has decided to channelize all their resources to convert Canada into a green economy, by generating welfare plans for children and economically hindered families. According to their policy, the tuition amount shall be obtained by dispensing student loans.
Our objective in guiding you along with the economic guidelines of Canada
From a simple consulting advice on tax regulations to legal help and assistance by our experts as international tax consultants in Toronto, we at The Accounting and Tax wish to put all our resources for the welfare and convenience of our Canadian clients, to make sure they experience the benefits of the new tax policies and have a greater amount of savings. Our commitment lies with the wellbeing and betterment of you, the citizens of Canada.
