The elections have come and gone rather quickly. We can now safely say that there will not be another election for another 4 years. The conservatives finally captured their majority government, winning 167 seats. As you already may know, to most Canadians this was expect. One way or another, majority or not, Canadians presumed that Stephen Harper would continue to be King of Canada. One thing for sure, is that no-one anticipated such a surge by the NDP or even them forming the opposition.
Throughout the different campaign riding’s, there were many promises made to Canadians. Promises such as cutting corporate taxes, balancing the budget, new retirement solutions and benefits geared towards the financial & pension industries. This all sounds great, but let’s wait and see, what will actually come true and what wont. That being said, there is a lot of optimism everywhere.
Some major promises by the Conservative Party are as follows;
They promised to balance the budget by 2014-2015 and keep business taxes low, since the Liberals were hinting at raising corporate taxes. Conservative Party also plans to introduce a hiring credit for small businesses, and make it easier for immigrants to have their foreign credentials recognized in Canada. They also planned to keep working at creating a free trade union with India and the European Union.
Introduce a tax credit worth up to $400 for those who take care of ill family members at home. Furthermore, the Conservatives plan to work harder with the Provinces on reducing wait times at hospitals.
Extend the ecoENERGY Retrofit Homes program and financial support for the replacement of fossil fuels energy with renewable sources. Conservative Party also plans to negotiate with the Provinces on expanding protected areas and national parks.
Once the budget is balanced, Tories plans to allow couples with children under age 18 to split their incomes, saving families an average of $1,300 annually. Furthermore, Children’s Fitness Tax Credit will be doubled and a Children’s Arts Tax Credit will be introduced.
Pooled Registered Pension Plans (PRPPs)
Along side Finance Minister, Jim Flaherty, the Torrie’s in 2010 unveiled a plan for private-sector pension. Since winning a majority government, this idea seems evident more than ever. This plan would allow small and mid-size businesses to pool resources together, to offer Defined Contribution style pensions.
Double TFSA Contribution Limit
Torrie’s also promised to double the TFSA max annually contribution limit to $10,000, up from the current max $5,000 contribution. This is supposed to come into effect once the books are balanced, by 2015.
Many exciting promises were made by the Torrie’s, with time on their side and a majority government, there is no evident reason why they can not come through on the promises. Time, will tell though, let’s hope that they do stick to their word.