WHITBY — Liberal leader Mark Carney finally released his fully costed “Canada Strong” plan at a press conference in the GTA on Saturday.
The Liberals in their platform promised to “unite Canadians and our shared objectives and common values," "secure our sovereignty," protect Canadian national identity and build a strong economy.”
The party committed to $130 billion in new spending over four years — a $225 billion addition to the federal debt.
In the Liberals’ fall economic statement, released December 16, the then-Trudeau Liberals projected the deficit would be $131.4 billion over the next four years.
"Let's be absolutely clear, this is not a normal fall update, budget lockup," Carney told reporters.
"We are in the middle of the biggest crisis of our lifetimes.
"This is a plan that meets that moment in a way that is very prudent with people’s hard-earned tax dollars but bold in terms of where this country can go."
He noted a $22-billion, 6.6%, reduction in the federal treasury over the next four years due to the Liberals’ proposed one percentage point reduction in the middle income tax bracket.
Carney also promised to meet the 2% of GDP NATO defence spending target and build up the Canadian Armed Forces arsenal, including giving a raise to members and improving housing and other benefits.
He also said his new Build Canada Homes agency would cost $3 billion annually over four years — and if elected, he will cut municipal development charges in half, which would cost taxpayers $1.5 billion annually over four years.
The Liberals further promised upwards of $4 billion in tax incentives to repurpose buildings into housing, which will cost $22 billion over four years.
Another “plank” of Carney’s platform includes rural transit, Indigenous loan guarantees and funding for the CBC/Radio-Canada, which will cost a combined $20 billion over four years.
The new defence spending will cost $18 billion, and “tariff response spending” will cost $4 billion. About $1.7 billion in new spending will go to the RCMP.
About $3.5 billion over the next four years will be spent on healthcare and in vitro fertilization (IVF), $22 billion on housing money and $12.5 billion to extend the Accelerated Investment Incentive.
It will cost $12.5 billion to scrap the hike to capital gains.
However, the Liberals hope they can boost government revenue by $51.8 billion over four years — with $20 billion of that coming from tariffs in 2025-26. Carney at the press conference in Whitby said the tariffs are expected to be temporary and “we don’t want to rely on those tariff revenues.”
“Canada is not America, so you might see other parties who assume that's going to continue and that's going to be a source of revenue. That's a bad outcome for the country," Carney said.
"We don't think that to assume that those tariff revenues are in place is prudent at all."