It is more expensive to live in Canada under Justin Trudeau
The Liberals have raised taxes on Saskatchewan’s job creators by scrapping the Hiring Credit for Small Business and cancelling the scheduled lowering of the small business tax rate. Our previous Conservative government created the hiring credit to provide relief on an employer’s share of EI premiums paid in a year to help spur job creation. The Liberals have placed this credit on the chopping block. As a result, the 2016 tax year will be the last year that businesses with EI premiums of $15,000 or less will have their payroll taxes lowered by 15 per cent.
Canadian small business owners were also blindsided when the Liberal government broke a key election promise to keep the former Conservative Government’s scheduled lowering of the small business tax rate. Justin Trudeau has instead chosen to raise taxes on small businesses by keeping their tax rate at 10.5 per cent, instead of lowering it to the scheduled nine per cent. The Parliamentary Budget Officer expects our small businesses to pay an additional $3.8 billion in taxes over the next five years as a result.
The Family Tax Credit provided up to $2,000 in tax relief for couples with children under the age of 18 by allowing a spouse to transfer up to $50,000 of taxable income to their spouse in a lower income tax bracket. The Liberals scrapped this initiative. Hence you will not find it on 2016 tax forms. This will also be the last year that families will be able to claim the aforementioned tax credits; so be sure to take advantage of them while you still can.
Starting in 2018, the Liberals will also implement their carbon tax – a tax that will cost the average family more than $2,500 per year by 2022. It will also add at least 15 per cent to our natural gas bills and increase the price at the pumps by more than 11 cents per litre. Canadians can truly say that it is more expensive to live in Canada under Justin Trudeau’s Liberal government.
Despite already betraying the middle class by raising taxes and introducing new ones during their first year in office, the Liberals have plans to raise taxes even more.
The Liberal Finance Minister has already confirmed that the government will be looking to cut even more tax credits in preparation for the 2017 budget. This is not what Canadians asked for when they elected Justin Trudeau.
In fact, come this tax season, Canadians may be feeling some buyer’s remorse.