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OTTAWA — If the Liberals are re-elected in three weeks, they plan to run annual deficits of more than $20 billion for the next four years — even after introducing revenue measures including a new 3 per cent tax on “multinational tech giants” and a new 10 per cent tax on luxury cars, boats and personal aircraft.

The deficits, outlined in the full Liberal platform released on Sunday, are built on billions in new spending, as well as a large tax cut that raises the basic personal exemption on income taxes to $15,000 for those making less than $147,667 annually. That cut will cost the treasury $5.6 billion when fully implemented in 2023-24.

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The platform also includes a new promise to increase Canada Student Grants by up to $1,200 more per year and to give students a two-year grace period after graduation. It will cost $1.4 billion when fully implemented in 2023-24.

It does not, however, include the cost for universal pharmacare, or a timeline for implementing it. The Liberals have instead promised $6 billion in health care promises over four years, which includes holding negotiations with provinces on setting up pharmacare. The Liberals’ advisory panel has estimated universal pharmacare would cost $15 billion annually when fully implemented.