Where Does Your Favorite Political Party Stand on Taxes
Some tax payers like to stay on top of what their favorite political party is doing on all issues and especially the tax front. Then there are others who don’t follow politics at all, and will only show some fleeting interest when a tax issue is brought forth in the media. Yet, most tax payers are not happy with the Canada tax system either on a Federal or Provincial level.
When it is election time it seems that most of the Political parties will address the tax situation in as favorable light as possible as they know it is a real contention with the majority of voters. It is one area of their platform that affects almost every person of age to vote so naturally it is going to create attention.
For the latest Ontario election what are the various political platforms offering?
Well in a previous post we talked about Tim Hudak’s platform to reduce Corporate taxes in order to stimulate job creation. Naturally the opposing parties are going to jump on this as it is expected in an election. You certainly are not going to get the various parties to agree on anything except maybe the perils that the province is facing. When it comes to solutions they all seem to have one but not one that is agreed upon. For some taxpayers they feel that Corporations are always getting the breaks and giving nothing in return. What is added to Mr. Hudak’s tax position is that he may also want to cut a renovation tax credit, which is a credit geared towards seniors who need repairs done on their homes so they are able to remain in their homes.
We have all had the opportunity to get to know the Liberals stance on taxes while they have been in power. So what is their commitment to the tax future of the province? What has been their biggest downfall is their concept to increase spending which in turn will increase taxes. Then added to this is a proposed provincial pension plan. The opposition are dubbing this as a potential payroll tax.
From a tax point of view what stands out the most would be a potential $5,000 business credit tied in with job creation, and maybe eliminating the HST off hydro bills. Other than that the party seems fairly quiet on the tax front.
So where does this leave you as the individual tax payer and which of these platform proposals do you favor if any at all. It will all come down to your personal situation. If you are a corporation owner, or a senior, or someone who is irked by their hydro bill, but what about the rest of the tax payers? What is in it for them?
Bottom line is no matter what your favorite political party has in store for the future, you can bet you will still have a tax obligation, so best you set your sights on making sure this responsibility is met.