The federal NDP have released details of the cost of its election promises, saying the wealthy need to pay more, and adding an estimated $48 billion to the country’s debt over four years.
NDP leader Jagmeet Singh announced his party’s platform at a campaign stop in Burnaby on April 19.
“It’s clear, it’s bold, and it’s focused on the people who build this country,” he said.
When asked if Canada could afford to add $48 billion to its debt load, Singh said it was a necessary cost.
“A recession and a trade war represents some of the most difficult times, you can’t cut your way out of those things. You actually have to make investments,” he said.
“We'll create residencies for qualified, internationally trained doctors already living in Canada,” Singh said.
The party also wants to see a universal pharmacare program cover the costs of diabetes medication and birth control.
Singh is also promising a national rent control program and to build 3 million more homes over the next five years.
The party says it will also remove GST from basics like home heating, internet, and diapers, as well as put a cap on grocery prices for essentials like pasta, infant formula, and frozen vegetables.
“We want to see measures that make life more affordable. That means bringing down the price of groceries. We’ve talked about a price cap on food essentials. This has worked in other countries. We want to see it happen here,” Singh said.
The platform said the NDP would also expand employment insurance by extending coverage and increasing the minimum weekly benefit payments.
To pay for its plan, the NDP said it would introduce a new “wealth tax” of 1–3 percent on those with over $10 million, as well as a 2 percent surtax on “massive” corporate profits for companies that earn more than $500 million. The NDP would also re-introduce reforms to the capital gains tax—cancelled by Liberals last month—which would see individuals taxed on any capital gains over $250,000.
Singh also responded to the Liberal Party costed platform, released hours before the NDP. He said he was “deeply worried” about the tax cuts proposed by Liberal Leader Mark Carney.
“His plan does include cuts, massive cuts, and his cuts are not specified in the platform, but he has repeated again and again that his cuts will come to the operating budget, and he has defined that as basically services and transfers, that includes health care, and I’m deeply worried that that is what he will do,” Singh said.
The Conservatives have not yet released a costed platform.
