Global stock markets continued to plummet on Monday, causing economic uncertainty and concerns of a recession. Canada’s main stock index was down by over 500 points, following major losses in U.S. markets after President Donald Trump’s tariff announcement. Liberal Party Leader Mark Carney criticized Trump’s tariffs against Canada and other countries, stating that they have increased the probability of a recession in the U.S., which could negatively impact the Canadian economy. To help Canadians weather the financial storm, the Liberals unveiled a plan to reduce minimum withdrawals from registered retirement income funds (RRIF) and increase the Guaranteed Income Supplement for low-income seniors.
Conservative Leader Pierre Poilievre also blamed Trump’s tariffs for market chaos, while criticizing the Liberal government for making Canada overly reliant on the U.S. The Conservatives proposed a plan to assist seniors by allowing them to keep savings growing in their registered retirement savings plan (RRSP) until age 73, as well as increasing the tax-free earnings threshold for working seniors. Meanwhile, NDP Leader Jagmeet Singh warned of a potential recession and emphasized the importance of investing in Canadian workers. The New Democrats introduced a $16 billion national housing strategy to build three million new homes by 2030, funded by ending offshore tax havens and introducing victory bonds.
Carney and other federal party leaders expressed concerns over the impact of Trump’s tariffs on the Canadian economy and vowed to support Canadians through the economic turmoil. Carney warned of tough days ahead, but assured that preparations had been made to mitigate the effects of a potential recession. The Liberals’ plan to reduce minimum RRIF withdrawals and increase the Guaranteed Income Supplement aimed to protect seniors’ retirement savings during market uncertainty. Poilievre criticized the Liberal government for dependence on the U.S. and proposed measures to assist seniors in the short term by allowing them to defer RRSP withdrawals and increasing tax-free earnings for working seniors.
The ongoing global financial turmoil caused by Trump’s trade war heightened fears of a recession and prompted responses from Canada’s federal party leaders. The Liberals, Conservatives, and NDP all presented plans to address economic challenges, with a focus on supporting seniors and investing in Canadian workers. Carney and Poilievre criticized Trump’s tariffs for contributing to market volatility, while Singh emphasized the need for government intervention to prevent economic hardship. The proposed measures included reducing RRIF withdrawals, increasing the Guaranteed Income Supplement, deferring RRSP withdrawals for seniors, and raising tax-free earnings thresholds for working seniors.
As the third week of election campaigning unfolded amidst global economic uncertainty, Canadian federal party leaders scrambled to address the repercussions of ongoing financial turmoil spurred by Trump’s tariffs. Carney, Poilievre, and Singh all outlined their respective plans to navigate the challenging economic landscape and protect Canadians from the potential impacts of a recession. The focus was on supporting seniors through market instability, investing in affordable housing initiatives, and empowering Canadian workers to withstand economic challenges. The leaders positioned their parties as best equipped to guide Canada through the tumultuous financial climate and mitigate the effects of Trump’s trade policies on the Canadian economy.
