Conservative Leader Pierre Poilievre released his costed platform on Monday, outlining a plan to reduce the deficit in each of the next four years. In contrast, Liberal Leader Mark Carney’s platform would see the deficit surge, pledging to increase the debt by more than 70 per cent over the next four years compared to former prime minister Justin Trudeau.
Both leaders’ plans used the baseline deficits between 2025-26 and 2029-2030 provided by the Parliamentary Budget Officer.
While Poilievre plans to reduce the initially proposed deficit yearly, Carney’s plan would see it skyrocket.
The baseline deficit provided by the PBO adds to $141.7 billion between 2025-26 and 2028-29. Poilievre’s plan would see the deficit fall to $100.6 billion cumulatively over those four years. Conversely, Carney’s costed plan would see it rise to $224.8 billion in new debt.
Carney’s platform adds more than $129 billion in new spending over the next four years, largely concentrated in housing, healthcare, infrastructure, and climate initiatives.
This means Poilievre would spend over $40 billion less than the PBO projection, while Carney would exceed it by more than $80 billion.
B.C. Director for the Canadian Taxpayers Federation, Carson Binda, said that Carney’s $225 billion in new debt is around $100 billion more than the $131 billion promised by Trudeau in his Fall Economic Statement.
“Interest on our federal debt already costs $1 billion per week – more than Ottawa spends on healthcare payments to the provinces,” said Binda.
Carney’s plan would see debt interest charges rise by over $5.6 billion over the four years. Poilievre’s costed plan would see it fall by over $2.4 billion in the same timeframe.
Poilievre celebrated that his plan would reduce the deficit compared to the Liberals by 70 per cent by 2028-29, as the deficit under his leadership would fall to $14.2 billion, compared to Carney’s projected $47.8 billion.
“The choice is this: a fourth Liberal term with Mark Carney, whose reckless Liberal plan will add even more debt than Trudeau? Or a new Conservative government with a responsible plan to save $125 billion and put us back on the path to growth and security,” said Poilievre.
He highlighted that the 70 per cent reduction would be achieved by cutting back on bureaucracy and consultants. Cuts would also be found by cutting foreign aid to dictators, terrorists, and global bureaucracies, along with slashing money for special interest groups and generating half a trillion dollars in economic growth by unlocking Canada’s natural resources.
Federal director of the Canadian Taxpayers Federation, Franco Terrazzano, told True North that the Conservative platform’s sweeping tax cuts will save Canadians money.
“The Conservative platform shows a commitment to both meaningful tax cuts while reining in wasteful spending, but it doesn’t go far enough,” said Terrazzano. “While families tighten their belts, politicians need to stop borrowing money we can’t afford and wasting billions on interest payments.”
Poilievre highlighted that his government would implement a rule that for every dollar spent by the government, there would need to be $1.50 in savings found in other areas.
“Canadians have been pinching their pennies long enough,” said Poilievre. “It’s time for the government to start pinching pennies as well.”
Some tax cuts proposed by the Conservatives include reducing the lowest personal income tax rate from 15 per cent to 12.75 per cent, scrapping the industrial carbon tax, stopping the capital gains tax hike, removing the sales tax from the purchase of new homes, and ending the escalator tax on alcoholic beverages.