Conservative Leader Pierre Poilievre says he would cut back on foreign aid and cap government spending to pay for his capital gains tax deferral measure that would cost $10.5 billion over two years.
Speaking to BNN Bloomberg on Monday afternoon, the Conservative leader was asked what federal programs would be cut for his campaign pledge, which would allow the deferral of capital gains tax if reinvested in Canada. He made the promise during a campaign stop in Toronto on Sunday.
“We will get rid of bureaucracy, consultants, handouts to corporate insiders that ship jobs overseas. We will also cut back on foreign aid. We’ll bring in dollar-for-dollar law that caps government spending, requiring we find equal savings for every new expenditure,” Poilievre said.
Capital gains are incurred when an individual or business sells an asset, like a stock or piece of property. Right now, Canadians must pay capital gains on 50 per cent of those earnings.
“If you invest abroad, you’ll pay the capital gains tax on your disposition, but if you invest here at home, you’ll pay no capital gains tax. This is going to mean this is going to be economic rocket fuel to launch our economy over the Americans.” Poilievre said.
“You can put any amount, any share of your proceeds, into Canadian investments and enjoy this tax break. But if you want to keep some for yourself, obviously, then the capital gains tax would apply.”
Poilievre added that he will not implement a hike on capital gains, which the Liberal government proposed last year. Earlier this month, after being sworn in as prime minister, Carney’s office said the hike would not move ahead.
READ MORE: The future of capital gains taxes in Canada, post-election
On Monday, Poilievre also pledged to build a national energy corridor to speed up projects such as pipelines, railways and other critical infrastructure.
When asked if he could guarantee that provinces will cooperate on his national pipeline project, Poilievre claimed that a lot of those decisions will be under federal jurisdiction and “I will make sure that we use our powers to get pipelines built.”
He then went on to attack the Liberals, promising to repeal Bill C-69, the law that enacts the Impact Assessment Act and the Canadian Energy Regulator Act, which the Conservative leader refers to as the “Liberal no new pipelines law.”
“I will lay out a National Energy Corridor, give preapprovals for all the federal permitting, so that businesses know what they’re allowed to build, and what standards and specs they have to meet to build it. Those will be legally binding, and that will allow us to get massive projects built across this country and put Canada first,” Poilievre told BNN Bloomberg.
Poilievre noted that these two promises will help Canada fight U.S. President Donald Trump’s tariffs.
“If you elect Liberals, you’re going to get liberals. You vote the same, you get the same. We need a change. Put ‘Canada First,’ that’s what I’m offering.”
Conservative campaign ‘united,’ leader says
Poilievre entered the second week of the federal election campaign behind Mark Carney’s Liberals after having a comfortable lead over the past two years.
According to a new Nanos Research poll, the Liberals have an eight-point lead over the Tories. This comes following reports this weekend of turmoil within the Conservative campaign over criticisms that Poilievre is not focusing enough on Trump and his tariffs.
Poilievre denied the reports of infighting and said his team was “united.”
When asked if he has adequately addressed the threats of tariffs and U.S. annexation from Trump on the campaign trail, the Tory leader claimed, “I’m the only leader that has addressed these things,” before attacking the Liberals’ record on pipelines, energy, and carbon tax.
“I’ve been saying for the last 10 years is not only still true but also more true than it ever was before. If you want to continue the lost Liberal decade of rising costs and crime and an economy falling under the thumb of the Americans, then sure, vote for a fourth Liberal term,” Poilievre said.
With files from The Canadian Press
