Liberal Government’s Fall Economic Statement

October 30, 2021

The current Liberal government recently tabled its Fall Economic Statement in the House of Commons. It was no surprise when the Finance Minister, the Honourable Bill Morneau, confirmed that the government is borrowing $20 billion this year to pay for out of control spending and expects hardworking Canadian families to foot the bill by frantically increasing taxes to pay for it. Canadians are justifiably concerned about the reckless spending of this government and what it means for their own pocketbooks.

During his delivery of the Fall Economic Statement on October 24, 2017, Minister Morneau outlined the government’s proposals “to accelerate the indexation of the Canada Child Benefit (CCB) by two years, to July 2018 – which will provide an additional $5.6 billion in support to Canadian families over the next five years” and “to enhance the Working Income Tax Benefit (WITB) by $500 million per year starting in 2019  - in addition to the increase of $250 million annually already set to come into effect in that year as part of the enhancement of the Canada Pension Plan” with further details being provided in Budget 2018. He also outlined that the government will be moving forward with “restricting income sprinkling by private corporations and to “limit the benefit of investing passively in private corporations.”

The Conservative Official Opposition understands that the economy is growing despite the current Liberal government, not because of it. Furthermore, we also understand that every penny over $10 billion in deficit spending is a broken promise. We can all remember that the Liberals promised a small deficit of less than $10 billion. Today, it has more than doubled.

Prime Minister Trudeau and his government are raising taxes on middle class Canadians to pay for his reckless spending. For the last two years, he has been giving with one hand and taking more with the other. Canadians cannot trust him to give them a tax break. He is the same Prime Minister who promised balanced budgets by 2019. The recent Fall Economic Statement revealed that his own government officially projects he will never balance the budget. Furthermore, he is adding debt at twice the rate he promised and his government projects that debt will grow every year into the future.  

The Prime Minister and the current Liberal government have and will continue to raise taxes on: hydro, gasoline, and home heating; health and dental benefits; employee discounts; personal savings; lifesaving therapies; and local businesses. This is why more than 80 per cent of middle-class Canadians pay more tax today under Prime Minister Trudeau. It’s high tax hypocrisy for him to force middle class Canadians to pay for his out of control spending, while his family fortune remains untouched.

We, the Conservative Official Opposition, believe in responsible government spending, lower taxes, and making life more affordable for every Canadian. When the Prime Minister makes promises he won’t raise taxes on Canadians, we just don’t believe him because of his established track record. We will continue to fight his tax hikes, as witnessed in the recent Fall Economic Statement, every step of the way.