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Conservative Leader Pierre Poilievre has pledged to cut the lowest personal income tax rate from 15% to 12.75%, a 15% reduction, which he says will save individuals $900 and dual-income families $1,800 annually. The tax cut, to be fully implemented by 2027-28, is estimated to cost $7 billion per year initially and $14 billion annually afterward.
To offset the cost, Poilievre plans to reduce government spending by cutting bureaucracy, consultants, and foreign aid. He also proposed a “dollar-for-dollar” law requiring ministers to find savings for every new dollar spent.
This announcement follows a similar Liberal pledge by Mark Carney to cut the tax rate to 14%, which is estimated to cost $5.9 billion.
Poilievre launched his campaign with a rally in North York and criticized both high taxation under the Liberals and economic threats from the U.S., particularly former President Donald Trump. He did not provide a timeline for releasing a fully costed platform.
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