Toronto – April 29, 2025 –

For Cindy Liu, a 34-year-old warehouse worker and mother of two in Richmond, B.C., a change in government won’t make her mortgage smaller or gas cheaper overnight. But this time, she did something she rarely does — vote. “They talked about affordable housing, dental care, training for workers like me. It’s the first time in years I felt someone was listening,” she said.

With Mark Carney now sworn in as Prime Minister after the Liberal Party secured a narrow but decisive electoral victory, a fresh slate of personal finance policies is about to be tested — and millions of Canadians are watching to see if the promises translate into real relief.

This article unpacks the key policies that affect individual Canadians the most: housing, taxes, retirement, and jobs — and explores how they might actually shape household finances.

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🏡 Housing: Faster Builds, Fewer Barriers?

In a bold move to address Canada’s ongoing housing crisis, the Liberals have pledged to create 50,000 new homes annually. A new public developer, Build Canada Homes, will lead the charge in building affordable rental and owned units, especially in urban centres.

The plan includes:

• $25 billion to support modular home manufacturers,
• $10 billion in low-interest loans to affordable housing builders,
• GST exemptions on homes under $1 million for first-time buyers, and reduced GST on homes up to $1.5 million.

“I tell first-time buyers to hold off a bit,” says Marc Henein, a senior advisor at ScotiaMcLeod. “If these policies kick in properly, they could save tens of thousands — but we need to see execution, not just intent.”

Still, critics argue the government is “too quiet on zoning reform,” a key obstacle to fast housing construction in cities.

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💸 Taxes: Modest Cuts, Major Symbolism

On the tax front, the Liberals are offering a small but symbolic cut: a 1% reduction in the lowest federal tax bracket. While the average dual-income family could save up to $825 per year, the benefit is felt most by low-income earners.

Other tax changes include:

• Automatic tax filing for seniors and low-income Canadians,
• Expanded Disability Tax Credit (DTC) eligibility,
• Tax relief on relocation for those commuting over 120 km to work.

“Automatic filing might sound technical, but it means thousands of people — especially seniors — will get refunds or benefits they’ve missed for years,” says personal finance expert Rob Carrick.

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🧓 Retirement: Giving Seniors More Breathing Room

For aging Canadians, two key changes could make a significant difference:

1. RRIF minimum withdrawals will be reduced by 25% for one year — a win for retirees looking to avoid large taxable withdrawals.
2. Guaranteed Income Supplement (GIS) payments will rise by 5%, adding up to $652 in tax-free benefits for the lowest-income seniors.

Anita Bruinsma, a financial planner, explains: “For people trying to stretch their nest egg without triggering OAS clawbacks or high taxes, this gives them more flexibility.”

Still, this is a temporary measure. Long-term pension reform remains off the table — for now.

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🛠️ Jobs & Skills: EI Expansion, Training Boosts

The Liberals are also targeting economic insecurity through employment insurance (EI) and job training reforms:

• Faster EI access for laid-off workers, especially in tariff-hit sectors. Waiting periods are reduced from two weeks to one, with plans to eliminate them temporarily in high-impact regions.
• Up to $15,000 in training grants for workers in healthcare, trades, and manufacturing,
• $8,000 available for apprenticeships and union-led programs,
• Double the federal budget for the Union Training and Innovation Program to $50 million.

Labour lawyer Andrew Monkhouse notes: “They’re trying to bring back what worked during COVID — faster support, less red tape.”

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🦷 Cost of Living: Targeted, But Not Comprehensive

The new Liberal platform continues to lean into targeted cost-of-living supports:

• Expanded dental care for adults aged 18–64 (projected savings: $800 per person),
• Home retrofit grants for energy efficiency (heat pumps, insulation, windows),
• Support for domestic food production, including greenhouse investments and improved rail logistics for farmers.

However, as Mike Moffatt from the University of Ottawa’s “Missing Middle Initiative” points out, one key cost category has been ignored: transportation. “Commuting is the second-biggest expense for many families, and yet there’s deafening silence on transit and regional mobility.”

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👶 Childcare: More Spots, But More Workers Needed

The Liberals reaffirmed support for the $10-a-day early learning and childcare (ELCC) plan, pledging:

• 100,000 new childcare spaces by 2031,
• 35,000 new childcare worker positions,
• Expansion of daycare in public buildings such as schools and community centres.

Advocates like Carolyn Ferns from the Ontario Coalition for Better Child Care welcomed the announcement but warned, “Without wage increases and better training, there won’t be enough staff to fill those spaces.”

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📊 Final Word: Will It Be Enough?

Cindy Liu, who earns just under $52,000 annually, says she’s cautiously optimistic: “They’re saying the right things. But I’ve heard nice words before.”

Indeed, the Liberal platform reflects a familiar blend of technocratic pragmatism and social support — one that aims to patch immediate holes in Canadian wallets without upending fiscal orthodoxy.

Whether these policies materialize fast enough — and deeply enough — will determine not just Mark Carney’s legacy, but whether millions like Cindy feel they voted for real change, or just another round of promises.