On August 12, the NDP released their election commitments in advance of the election. The platform’s key promises include universal pharmacare and dental care, a $20 minimum wage and student debt cancellation and setting up a Crown corporation for vaccine production. If elected, the NDP would impose a one per cent tax on households with assets worth more than $10 million and an “excess profit tax” of 15 per cent on large corporations that saw their profits skyrocket during the pandemic.
To support small business the NDP would:
- Extend the wage and rent subsidies until small businesses are able to fully reopen.
- Place a long-term hiring bonus to pay the employer portion of EI and CPP for new or rehired staff.
- Streamline access to government export services and make it simpler to break into foreign markets.
- Provide SMEs with a single point of contact to help ease regulatory processes and support compliance.
- Make new investments in training Canadians and boost support to traditionally underemployed groups.
The full platform can be found here: https://www.ndp.ca/commitments
Details Relevant to Credit Unions
New Democrats will increase consumer protection for financial transactions, and require financial advisors to offer advice that is in the client’s best financial interest, not what is best for the bank’s bottom line. This will include more powers to investigate and enforce these rules, and compensation for consumers who have been misled. They will also bring in legislation to protect privacy and prevent credit and debit card companies from selling personal information.
New Democrats will cap credit card merchant fees at a maximum of 1% and will work with Canada Post to develop a model of postal banking. New Democrats will support efforts to make sure Canadians have good retirement financial literacy.
The NDP will support Canada’s net-zero target by reviewing financial legislation, such as the Bank of Canada Act, the Export Development Canada Act, and the Canada Pension Plan Investment Board Act, to ensure federal financial levers and Crown corporations are aligned with the goal of net-zero. They will work with provinces to put in place a framework for corporate climate accountability to ensure mandatory transparency on carbon risk from publicly traded companies.
The NDP would re-introduce 30-year terms to CMHC insured mortgages on entry-level homes for first time home buyers. They would also give people a hand with closing costs by doubling the Home Buyer’s Tax Credit to $1,500.
The NDP would declare high-speed internet an essential service and making sure that every Canadian has access to affordable, reliable high-speed broadband within four years. This would include a new Crown corporation to deliver quality, affordable telecom services to every community They would also place a price cap on cell phone and internet bills.
CCUA will continue to closely monitor campaign announcements and developments and will update this document accordingly.