Ontario’s New Democratic Party (NDP) and Liberal Party have outlined significant increases in spending to fund their election promises, with the NDP proposing wealth taxes and the Liberals focusing on finding “efficiencies” to balance their budget.
Both parties revealed their complete platforms just days before the upcoming election, with the Progressive Conservatives scheduled to unveil theirs soon. The Green Party had already released their platform on February 12.
The NDP’s platform includes $70 billion in new spending over three years, accompanied by $37 billion in additional revenue and savings, which involve tax hikes for high-income earners.
The party anticipates generating around $3 billion annually by introducing new tax brackets for individuals earning $300,000, $400,000, and $500,000 per year.
Other revenue-generating measures proposed by the NDP include increasing the capital gains tax from 50% to 80%, which could bring in about $3.5 billion yearly, and raising the provincial land transfer tax rate for homes valued at $3 million or more, estimated to generate $33 million annually.
NDP Leader Marit Stiles had previewed most of the party’s promises before the platform release, including initiatives like a monthly grocery rebate, ensuring access to a family doctor for all, establishing a public entity for constructing 300,000 affordable housing units, and implementing a universal school food program.
The NDP pledges to allocate $10.5 billion over three years to enhance public health services, with a focus on providing team-based primary care to all residents. Their housing strategy is budgeted at $7.5 billion over three years, while the grocery rebate program is estimated to cost $11 billion over the same period.
Other significant expenses in the NDP platform include doubling support payments for individuals with disabilities and Ontario Works recipients, amounting to nearly $23 billion over three years, and boosting education spending by $13 billion over the same period, not including an additional $830 million annually to address school maintenance issues. Plans to enhance transit funding, introduce a caregiver benefit, eliminate hospital parking fees, and reduce home heating expenses would collectively cost $4.8 billion over three years.
In a statement accompanying the platform release, Stiles emphasized her vision for a better Ontario, promising to combat rising costs, maintain tax freezes, improve healthcare access, build affordable housing, and enhance local schools, ensuring that her government always prioritizes the needs of the people.
The Ontario Liberal Party has proposed $65 billion in new spending over four years, coupled with identifying over $28 billion in operational efficiencies, without introducing any new taxes or tax increases.
The party’s platform includes additional commitments in education, such as constructing 90 new
