Due to tax cuts and new spending, Pierre Poilievre's Conservatives won't balance the budget in their first term.

The Conservative Party of Canada's plan proposes over $70 billion in tax cuts and $34 billion in new government spending by 2028/29. It also suggests that any new taxes should be put to a referendum.

“It is a plan that will lower taxes and debt by getting rid of bureaucracy, consulting fees, waste and excessive foreign aid,” Poilievre said Tuesday morning during the platform launch in Vaughan, Ontario.

Poilievre's government would run deficits of $31 billion in 2025/26 and 2026/27, $23 billion in 2027/28, and almost $15 billion in 2028/29.

Poilievre declares that a Conservative government will match every dollar of new spending with a dollar-fifty of savings in other areas.

"Whenever I spend money, I will think of it as my mother's money, a retired teacher, if she would not be happy with it coming out of her… pic.twitter.com/th4fMJ1Thr

— Rebel News (@RebelNewsOnline) April 22, 2025

Over the weekend, Liberal leader Mark Carney revealed his platform's full cost—roughly $129 billion in new measures that would increase the deficit over the next four years. This figure includes a one percentage-point tax cut to the lowest income bracket.

Carney also pledged to balance the operating budget by 2028/29, but will still run a $48 billion deficit on the capital side.

“We need to build. We need to invest. We need to use scarce dollars on the federal balance sheet to catalyze that investment, and we’re prepared to do that,” the unelected party leader stated.

“We are in a crisis, the worst crisis of our lifetimes … because we are in a fundamental reordering of our relationship with the United States and the global economy.”

After releasing the Liberal budget that pledges massive deficit spending, Mark Carney accuses the Conservative budget proposal as being "written on a napkin."

"On top of that, they divide Canadians in two," claims Carney. pic.twitter.com/r0hyW1kBST

— Rebel News (@RebelNewsOnline) April 22, 2025

Carney and Poilievre have criticized each other's spending plans of late, with the latter accusing his Liberal counterpart of excessive spending and Carney accusing Poilievre of planning to cut essential services. 

Both leaders released the cost of their platforms late in the campaign, after millions of Canadians had already voted in advance. Carney is currently campaigning in Atlantic Canada, a key region for the Liberal Party.

“Cutting to the core of institutions, cutting to the vulnerable, cutting to all Canadians at any time, let alone in a crisis, is not the way you get out of a crisis. It’s not the right approach,” Carney said of Poilievre.

He plans to reduce government spending growth while adding new programs to address the economic crisis. 

Trudeau's fall budget update is a 'disaster': Franco Terrazzano

With the Trudeau Liberals finally releasing the fall economic update, deficit spending ballooned all the way to $62 billion. The budget was so bad it even led to the departure of deputy prime minister and finance… pic.twitter.com/oUvGMP4yxQ

— Rebel News (@RebelNewsOnline) December 19, 2024

Poilievre, meanwhile, vowed to cut bureaucracy, foreign aid, and consultants while boosting revenues by generating more economic growth.

The Tory leader pledged to gradually reduce the lowest personal income tax rate from 15% to 12.75% over three years, starting in 2026.

Canada's foreign aid budget will also be cut by $1.3 billion in the first year and $2.8 billion over four years.

The Conservatives plan to run $100 billion in deficits during Poilievre's first term is $40 billion less than the Parliamentary Budget Officer's projection.

Mark Carney claims the Liberals will "balance the operational spending" of the government, but concedes there will still be a deficit because Canada needs to "invest and grow this economy." pic.twitter.com/VEOnm3gX85

— Rebel News (@RebelNewsOnline) February 18, 2025

Poilievre projects that repealing Liberal laws and regulations along with his proposed tax cuts will generate $72 billion in new revenue over four years.

Carney called those projections a "joke" amid the ongoing trade war.

“There’s a phantom growth that comes from the sky in his platform that arrives and changes his numbers, even though he doesn’t have a plan to fight against President Trump,” Carney said. “These numbers are a joke. We aren’t joking. We are in the worst crisis of our lives.”

Carney maintains his projected deficit spending, which adds billions to the fiscal framework, as "fundamentally different" from that of former prime minister Justin Trudeau.

Please help me stop Mark Carney — before it’s too late!

Mark Carney wasn’t elected — he was installed by the global elites. And now that he’s in charge, they think they’ve won. But not if we have anything to say about it. While the bought-and-paid-for media slobber over their new golden boy, we’re hitting the streets, digging into his World Economic Forum playbook, and calling out the radical agenda they’re trying to ram down Canada’s throat. This is the fight of our lives — and we’re not backing down. Help us keep our reporters on the ground, our billboard truck on the move, and our message uncensored. Pitch in now if you want to stop Mark Carney before he does irreversible damage.

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