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.
🏡 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.
💸 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.
🧓 Retirement: Giving Seniors More Breathing Room
For aging Canadians, two key changes could make a significant difference:
RRIF minimum withdrawals will be reduced by 25% for one year — a win for retirees looking to avoid large taxable withdrawals.
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.
🛠️ 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.”
🦷 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.”
👶 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.”
📊 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.
As Canada’s economy stagnates, more and more high-net-worth individuals are considering leaving what was once considered one of the “best places to live in the world.” Recent surveys show a significant increase in the number of millionaires leaving Canada over the past four years. This shift is driven by growing dissatisfaction with the quality of life, concerns about economic prospects, and frustration with high tax policies.
The Roots of the Wealthy Migration
According to a recent survey by Arton Capital, an investment immigration consulting firm based in Vancouver, Canada’s wealthy are contemplating emigration at an unprecedented rate. Among the 1,000 high-net-worth individuals surveyed, more than half expressed being more inclined to leave Canada than they were during the last federal election. Of those, 56% cited dissatisfaction with the quality of life, while 45% attributed it to bleak economic prospects.
“Over the past few years, Canada’s economic growth has slowed, and tax policies have become increasingly burdensome, pushing the wealthy to rethink their future here,” says James Young, CEO of Arton Capital. “Many high-net-worth individuals are beginning to consider relocating their assets abroad or moving their families to countries with lighter tax burdens and more stable political environments.”
Heavy Tax Burdens Prompting Wealth “Exile”
Carolyn Cole, founder of the wealth management firm Cole & Associates in Vancouver, points out that the tax policies introduced by the Liberal government in recent years—especially those targeting high-income individuals and businesses—have made many wealthy Canadians consider leaving. “In the last few years, the number of families in my client base considering asset relocation has skyrocketed. For families with wealth exceeding a hundred million, the tax burden has become too heavy to ignore,” Cole said.
In such cases, wealthy families often choose to “relocate” their assets abroad rather than severing all ties with Canada. Many still maintain familial connections, emotional ties, and may continue investing or running businesses in Canada, but they opt to shift their “wealth domicile” to countries with lower taxes. “Taxes have become so burdensome for Canadian businesses, families, and individuals that they must now rethink how to operate more efficiently,” Cole added.
The U.S. Remains a Top Destination, But the Tide Is Changing
While the U.S. remains a primary destination for many wealthy Canadians, this trend is shifting. Arton Capital’s survey revealed that “political stability” has become the top consideration for wealthy individuals when choosing a new country, surpassing factors like taxes and healthcare systems. This shift indicates that despite the relatively lower tax burden in the U.S., many high-net-worth individuals are no longer optimistic about the country’s political future.
Kris Rossignoli, a high-end wealth advisor in New York, says many wealthy Canadians still see the U.S. as their primary destination, especially due to its lower tax rates. “For some families, moving to the U.S. not only saves them significant tax costs but also allows them access to higher-quality healthcare. Many young high-income individuals are also moving to the U.S. for better job opportunities,” he explained.
However, some wealthier individuals are looking to Europe. Countries like Portugal and Italy, which offer “Golden Visa” programs, allow the wealthy to obtain residency through investment, making them attractive options for those seeking a more relaxed lifestyle.
Economic Stagnation and Tax Pressure Drive the Migration
Another key reason for the wealthy migration is concerns about Canada’s current economic situation. Since the pandemic, Canada’s labor productivity has seen a sharp decline. In a report last year, TD Bank economists warned that if this trend continues, wage growth will stagnate, taxes will increase, and public services could shrink.
“We need more incentives to stimulate the economy,” said Tina Tehranchian, a wealth advisor from Etobicoke. “Entrepreneurs and wealthy individuals want to see the government introduce more policies to support domestic businesses, such as tax cuts and increased infrastructure investment, to restore confidence.”
However, Carolyn Cole pointed out that these macroeconomic concerns affect wealthier individuals with assets under $50 million more than those with global assets or international business operations. “For these ultra-high-net-worth individuals, Canada’s economic performance matters less because their wealth can grow anywhere in the world,” she noted.
The Long-Term Impact of Wealth Migration
Although more and more wealthy individuals are quietly “leaving,” the long-term consequences of their wealth migration have yet to be widely recognized. Carolyn Cole worries that “the wealthy who are quietly leaving are often the ones creating jobs and driving economic growth. I fear that we won’t feel the effects now, but 25 to 30 years from now, we’ll really see the consequences of their ‘financial withdrawal.’”
Despite the growing exodus, Canada’s overall wealthy population continues to grow. A report from UBS published last September forecasts that by 2028, Canada’s population of individuals with a net worth of over a million dollars will increase to 2.4 million, a 21% growth. Tina Tehranchian also pointed out that, despite some considering leaving, many global wealthy individuals still admire Canada’s quality of life and freedom of speech.
“The true ‘exodus’ is not a simple process,” said Tehranchian. “It usually involves complex tax, immigration, and legal arrangements, which may take anywhere from 2 to 8 years to complete. For those with global assets, this process can be even longer.”
Conclusion: The Dual Impact of Wealth Migration
The wealthy exodus from Canada is not a sudden phenomenon but a gradual trend that has been unfolding due to long-term economic uncertainty, increasing tax burdens, and changing political environments. The departure of the wealthy reflects not only individual wealth management needs but also hints at broader economic and societal challenges that Canada may face in the future. While the immediate effects of the wealthy leaving may not be felt, over the long term, the loss of these wealth creators could significantly impact Canada’s economic stability, job opportunities, and social welfare.
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