The Liberal Party released a fully costed campaign platform Wednesday that details $78-billion in new spending over five years, which will be partially offset by $25-billion in new revenue from tax hikes focused on large corporations and the wealthy.

       The platform estimates the federal deficit will decline from $156.9-billion this year to $32-billion in 2025-26. Those annual deficits would be $14-billion higher per year on average than the projected pre-election deficit forecast released by the Parliamentary Budget Officer in August.

       Most of the new spending items in the platform have previously been announced by Liberal Leader Justin Trudeau on the campaign trail. However, the platform does include some promises that have not been previously mentioned. They include a minimum 15 per cent tax on high earners so that deductions and tax credits can’t reduce their tax obligations below that threshold.

       Other new proposals include allowing new parents with student loans to pause them and adding $400-millon over four years to the CBC/Radio-Canada budget to work toward a goal of eliminating advertising during news and other public affairs shows.

       Another section outlines proposed new measures related to guns and crime. That includes $1-billion for the provinces and territories to implement a ban on handguns.

       The lists of costs sets aside $350-million over two years to resettle an additional 20,000 refugees.

       The platform shows the debt as a share of GDP will fall slightly over five years, from 51.2 per cent to 49.2 per cent. It also states that a steadily declining debt-to-GDP ratio will be a “fiscal anchor” that guides a re-elected Liberal government.

       The figures include $15-billion over three years as a “risk adjustment” to cover unforeseen costs related to the COVID-19 pandemic.

       “This is a responsible plan to promote fairness and growth,” the platform states.

       A portion of the new revenues detailed in the platform would come from taxes on wealthy individuals and corporations, but the Liberal platform relies heavily of the notion that funding Revenue Canada to go after tax evasion and collections would bring in large sums – $4.7-billion a year by 2025-26.

       The most expensive new election promises, the ones that each account in the billions annually, are chiefly for health care. The Liberals propose a fund to reduce backlogs for surgeries and other procedure, a new mental-health transfer to provinces, additional funds for long-term care – and programs that are supposed to address the cost of housing.

       The platform includes several new pledges related to abortion policy, including adding new regulations to the Canada Health Act so that any province that fails to ensure access to abortion services would result in a penalty applies via reduced federal health transfers.

       Other proposals include removing charity status for anti-abortion organizations “that provide dishonest counselling to women about their rights and about the options available to them at all stages of their pregnancy.” Health Canada would also be given $10-million to fund a portal with “accurate, judgement-free, and evidence-based information” on sexual and reproductive health.

       The Liberal platform also highlights major programs already announced by the Liberal government in the spring budget – notably the pledge to introduce $10-a-day child care. Ottawa has already signed agreements to fund that with eight provinces and territories, and the Liberal platform booklet makes it clear that child care is at the centre of what the Liberals are proposing to voters.

       In fact, it presents the child care plan as an economic boon, claiming it “has the potential to be the biggest economic boost since the NAFTA.”

       Not surprisingly, the platform starts out with the pandemic – “finishing the fight.”

       And it is clear with whom the Liberals want to draw political contrast. The English version of the platform names Erin O’Toole seven times.

       The Conservatives and the NDP have already released their party platforms, but those documents did not include a detailed costing table. They have both promised to update those documents with costing figures once their proposals have been reviewed by the Parliamentary Budget Officer.

       The Liberal platform does not set a target for when the deficit would be erased.

       Mr. O’Toole said Tuesday that a Conservative government would focus on balancing the budget within 10 years, and said this could be accomplished “without cuts.”

       Alongside the platform, the Liberal Party also released independent costing notes from the PBO related to some of the party’s main proposals.

       Speaking in Montreal before the Liberal platform was released, NDP Leader Jagmeet Singh cautioned the public about believing in Mr. Trudeau’s plans. “There has been some hints about what he’s going to promise. I want to remind folks: the Liberals have taken this strategy again and again. Why deliver on things when you can just campaign on it anyways? Why get things done when you can just promise it?” he said. Mr. Singh cited pharmacare as an example of an issue that the Liberals have not delivered on.

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