If you have been following various aspects of Canadian politics, you have likely been giving some thought to how recent provincial elections can affect the lives of Canadians across the country. The reason it is important to keep up to date on these movements is the likelihood that they will have a significant impact on our lives, depending on which province we reside in.
Ultimately as new governments and parties come into power, they bring with them plans for specific policy change that can Canadian residents at a very personal level.
Here are some examples of how the recent British Columbia provincial election, as well as the pending Ontario provincial election could directly influence your finances moving forward.
British Columbia
With the results of the very recent B.C. election, we have seen a minority government has been created for the first time in over 60 years. Since the Liberals barely beat out the NDP by very slim margins, the Liberals will have to share some of the power with the Green party. This of course will bring about various changes in policy that is sure to impact the lives of residents in this province.
Planned Changes that Could Influence Your Bottom Line
One example of how the new government may affect your life has to do with the new plan to
introduce a $10 a day childcare. While childcare has been known to be one of the most expensive parts of raising a family, this new policy can provide people with more disposable income.
Secondly, the NDP platform also plans to freeze hydro rates for one full year. While, these rates may not stay put for an extended period of time, having these rates remain at the same level for some time, can also help free up some additional money for B.C. residents over the course of the next year.
Also on their political agenda is to do away with bridge tolls on two of the main bridges in the Lower Mainland. Once again, if this has been an added expense for you as resident of this area, then this could also give you the ability to save more money the near future.
Overall, the NDP platform proposed some key changes to the province of British Columbia. These changes include, affordability, service and jobs & the economy.
Specifically outlined in their platform were, taxes, healthcare and ferries, housing and seniors, childcare & education, jobs and of course improvements to the economy.
All in all, the new government have laid out a plan to save residents money across a wide demographic and in a variety of areas. Now with the NDP sharing power with the Liberals, hopefully this will be the case and B.C. residents will benefit from the new political landscape.
Ontario
Ontario can be used as another example of how provincial elections can affect your finances, if you are a resident of this region.
Of course we’ll have to wait until June of 2018 to see who will take over power in the province of Ontario. In the meantime however, Ontarian’s will want to pay attention to the platform promised made by each party leading up until then.
Planned Changes that Could Influence Your Bottom Line
Currently, the Liberal government has announced their plans to introduce a Children and Youth Pharmacare program, called OHIP+. As of the 1st of January 2018, this program is to offer universal drug coverage to Ontario residents who are 24 years of age or younger.
Specifically, this plan will mean that all of the 4,400 medications currently listed under the Ontario Drug Benefit Program will be completely free for all children and youth under 24 years. While this obviously sounds like a very advantageous program for our province, other parties have other ideas that they believe will be benefit the healthcare and the finances of Ontario residents.
Andrea Horwath of the NDP party, for example, has introduced her party’s plan to unveil a ‘Pharmacare’ program for Ontario residents across all age groups. Since this $475 million plan is said to ensure that 125 drugs will be covered across the entire province, on top of the previous 4,400, if this program in fact, does becomes a reality, this then will enable Ontarian’s the ability to save significantly on prescription medications each year.
While only time will tell who will take power in the Ontario election in June of next year, many have speculated that the Liberals have a grim chance of coming out victorious. As the Conservative party is still looking for their party’s leader, and to finalize their platform, the NDP’s plans for change could play a role in the future finances of many Ontarian’s.
Ultimately, however, a shift in power can mean many changes for residents across each province. While some changes may have a positive impact on your finances, others might not.
With that being said, it is a good idea to follow along with the elections in your province and be aware of which new policies might affect you . . . and your bottom line the most.
