Justin Trudeau’s endless deficits and out of control spending will force him to raise taxes even higher or to cut education funding.
- During his four years in power, Justin Trudeau added $72.7 billion to the national debt.[i]
- Justin Trudeau promised that the budget would be balanced this year. Instead, the deficit will hit $20.7 billion.[i] According to Finance, the budget will not return to balance until 2040, by then racking up an additional $271 billion of debt[iii].
- The cost of interest on debt will hit $30 billion by 2021-2022 .[iv]
- This is more than double the federal government’s transfer to the provinces for post-secondary education, social assistance and social services, and early childhood learning. (Canada Social Transfer amounted to $14.2 billion last year 2018-19)
- Canadians remember what happened in the 1990s when ballooning debt and deficits forced the Liberals to make painful cuts to health care and education spending.
- Justin Trudeau said Paul Martin made the right decision when he slashed transfers to the provinces to balance the books. He said these “were the right decisions.” https://www.macleans.ca/news/canada/justin-trudeau-weighs-in-on-paul-martins-decision-to-slash-provincial-transfers/
Justin Trudeau has made life more expensive for students and young people. He cancelled:
- The Education Tax Credit – Students could claim up to $400 per month of study for full-time students and $120 per month of study for part-time students as a non-refundable tax credit. This put up to $720 per year in the pockets of a Canadian Student. Justin Trudeau cancelled it in Budget 2016.
- The Textbook Tax Credit – Students could claim for textbooks up to $65 per month of study for full-time students and $20 per month for part-time students. This put up to $110 per year in the pockets of a Canadian student. Justin Trudeau cancelled it in Budget 2016.
- The Public Transit Tax Credit – Many students rely on public transit and could save up to $220 per year (estimated based on the cost of a TTC student pass which costs $121.45 per month). Justin Trudeau cancelled it in Budget 2017.
- The Children’s Arts Tax credit – Allowed parents to claim up to $500 for participation in artistic, cultural, recreational and developmental, which enabled them to receive up to $75
- The Children’s Fitness Tax – Allowed parents to claim up to $1,000 for participation in sporting or fitness activities, which enabled them to receive up to $150.
[i] Parliamentary Budget Officer. https://www.pbo-dpb.gc.ca/web/default/files/Documents/Reports/2019/EPC_Baseline/EPC_Baseline_EN.pdf
[ii] Parliamentary Budget Officer. https://www.pbo-dpb.gc.ca/web/default/files/Documents/Reports/2019/EPC_Baseline/EPC_Baseline_EN.pdf
[iii] Finance Canada. https://www.fin.gc.ca/pub/ltefp-peblt/2018/report-rapport-eng.asp
[iv] Parliamentary Budget Office. https://www.pbo-dpb.gc.ca/en/blog/news/election-proposal-costing-baseline