Kamloops-Thompson-Cariboo MP Cathy McLeod says the recently released federal budget includes some important measures for families and small businesses that her constituents had highlighted to her as a local need.
There will be "huge impacts" for small businesses with their tax rate going from 11 to nine per cent over the next couple of years, she explains.
McLeod notes many families and individuals will benefit from almost twice the room in tax-free savings accounts (TFSA) – jumping to $10,000 from the current $5,500 – to allow more latitude and a slower withdrawal process.
"Especially during the recession, they [had] to take out significant dollars when perhaps they had lost money in their portfolio."
However, NDP candidate Bill Sundhu strongly disagrees with the increased TFSA cap.
"By doubling the [TSFA], it deprives the treasury going forward in succeeding years of vital resources for programs that are needed with an aging population ... and declining birth rates."
The government is "leaving the cupboard bare for future generations" by losing out on billions of dollars in tax revenue that "increasingly goes into wealthier hands," he adds.
McLeod argues the Conservatives have a family tax package that supports all Canadians.
"The NDP have sort of classified anyone who makes more than $60,000 a year as rich, and I don't think that is very accurate. If you have a young family, it is certainly not at the bottom end, but it is not rich."
The average family of four is saving $6,000 in federal taxes compared to 2006, she adds.
Meanwhile, Liberal candidate Steve Powrie says that, aside from family tax credits, it is a "skipping stone" budget.
Some aspects that don't even kick in for, five or 10 years, such as a billion-dollar infrastructure plan that doesn't take effect 2019 – and also isn't enough, he explains.
Noting the Port Mann Bridge replacement costs almost that much, Powrie says this surely can't meet the needs of Montreal, Toronto, Calgary and Vancouver, let alone the rest of the country.
Powrie adds the increase to the TFSAs contributions will benefit only the higher-income Canadians who are able to double them.
"Only one-quarter of the people who put money into TFSAs actually maxed it to the $5,500 limit, and then that is carried over if you didn't max...."
He criticizes the Conservatives for bringing in these budget elements now, just prior to an election.
"It is totally unnecessary; smoke and mirrors."