Wealthy clients have the most to gain from the Conservative Party’s tax plan, while middle-class families will get a bigger boost from Liberal Party policies, says MoneySense.
The two parties have unveiled their tax platforms ahead of the expected October federal election. MoneySense reviewed them and calculated the benefits under each.
The Liberals are courting middle-class voters with a plan to change child benefit credits and alter tax brackets. Leader Justin Trudeau has also said that were he elected, he would lower the $10,000 TFSA contribution room back to $5,500.
The Conservatives introduced the greater contribution room in the 2015 budget, and it’s been criticized for disproportionately benefiting wealthier Canadians, who have more money to invest.
Find out which plan is better for your clients’ income levels here.