NDP Platform Features ‘Wealth Tax,’ Rent Control, Forecasted to Increase Deficit by $48 Billion

April 19, 2025 TruthUSA

The federal NDP have unveiled the cost of their election promises, emphasizing the need for the wealthy to contribute more and projecting an estimated $48 billion increase in the country’s debt over four years.

NDP leader Jagmeet Singh introduced his party’s platform during a campaign event in Burnaby on April 19, stating, “It’s clear, it’s bold, and it’s centered on the people who shape this nation.”

When questioned about Canada’s ability to handle a $48 billion debt increment, Singh defended it as a crucial investment amidst potential challenges like a recession and trade disputes.

The NDP have committed to providing every Canadian with access to a family doctor and primary care by 2030, entailing hiring more healthcare professionals and establishing a nationwide licensing system.

“We will establish residency programs for qualified doctors trained abroad who are currently residing in Canada,” Singh mentioned.

The party also aims to implement a universal pharmacare initiative covering expenses for diabetes medications and contraceptives.

Singh has additionally pledged a national rent control system and the construction of 3 million new homes within the next five years.

The NDP proposes eliminating GST from essentials like home heating, internet, and diapers while capping grocery prices on staples like pasta, baby formula, and frozen veggies.

“Our focus is on making life more affordable, which includes reducing grocery costs. Implementing a price cap on essential food items has been successful in other countries, and we want to replicate that success here,” stated Singh.

The platform outlines plans to enhance employment insurance coverage through extended benefits and increased minimum weekly payments.

To finance their agenda, the NDP plans to introduce a new “wealth tax” of 1–3% on individuals with assets exceeding $10 million, along with a 2% surtax on substantial corporate earnings from companies making over $500 million. The party also intends to reinstate reforms to the capital gains tax (recently revoked by the Liberals), subjecting individuals to taxes on capital gains surpassing $250,000.

Singh also reacted to the costed platform unveiled by the Liberal Party, expressing concerns about proposed tax reductions by Liberal Leader Mark Carney.

“His strategy includes major cuts, particularly to the operating budget without clear specifications, which could impact essential services and transfers including healthcare. This is a worrying prospect,” voiced Singh.

As of yet, the Conservatives have not released a detailed budget plan.

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