Canada's Federal Election 2025 — A Tale of Two Tax Policies

Katy Pitch
Mintz - Tax Viewpoints
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Mintz - Tax Viewpoints

With the Canadian federal election just under two weeks away, the two major parties leading the current polls, the Liberals (led by Mark Carney) and the Conservatives (led by Pierre Poilievre), have yet to formally release their platforms. However, over the past few weeks, both parties have released snippets of their proposed tax policies, albeit without significant details or budget numbers. 

Leading up to election day, here are the five areas everyone needs to know about each party’s tax proposals (as publicly announced as of April 16, 2025):

Mark Carney Pierre Poilievre
1. Personal Income Tax  

Reduce marginal tax rate on the lowest tax bracket by 1% from 15% to 14%.

Eliminate the Consumer Carbon Tax.

Reduce marginal tax rate on the lowest tax bracket by 2.25% from 15% to 12.75%.

Eliminate the Consumer Carbon Tax.

Increase the Tax-Free Savings Account contribution limit by $5,000 annually for investments in Canadian businesses.

Introduce the “Canada First Reinvestment Tax Cut”: any person selling a capital asset will pay no capital gains tax in Canada when they reinvest the proceeds in Canada.
2. Corporate Income Tax  

No corporate tax cuts.

Accelerate the market launch of Canadian critical minerals by increasing tax credits to attract and secure investment in exploration.

No corporate tax cuts.

See above for “Canada First Reinvestment Tax Cut”: applies to businesses as well.
3. Capital Gains Tax  
Cancel proposed increase to the capital gains tax.

Cancel proposed increase to capital gains tax.

See above for “Canada First Reinvestment Tax Cut.”
4. Housing Taxes  
Elimination of GST on all new homes up to $1 million for first-time home buyers. Elimination of GST on new homes up to $1.3 million.
5. Tax Havens  
No policy. A promise to close loopholes that allow companies to hide dollars in tax havens.

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