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Budget 2020

The last four years: A look back at Canadian tax policy under PM Trudeau’s government

A recap of some of the most significant tax changes during the last four years

Under the leadership of Prime Minister Trudeau, the Liberal Party won the 2015 federal election pledging to ease the financial burden of “middle class” Canadians and raise taxes on the wealthiest one percent.

Over the following four years, Trudeau’s government made substantial changes to tax policy, with these twin campaign promises cited as the driving force behind the most substantial changes.

In this report, our top tax policy specialists have compiled a timeline that dissects over 30 of those changes in order to understand how we arrived where we are today and what might be in store for the years ahead. For Canadian entrepreneurs, business leaders and investors, this look back will provide insight into the options that might be available to mitigate new headwinds and maximize available opportunities.

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The year ahead

It remains to be seen whether the returning Liberal government will implement bold new changes moving forward or maintain the status quo. In the meantime, our report considers options that may shape future policy moves.

At Grant Thornton, we understand how the complexities of the tax landscape can create uncertainty and burdens, and we’re committed to helping Canadians achieve their greatest potential in any given tax environment. Stay up to date on Budget 2020 insights and contact one of our tax advisors about how we can assist you.