Here’s what Carney has promised for consumers on taxes and affordability

Mark Carney made several campaign promises aimed at improving affordability for Canadians on top of measures already enacted prior to calling an election.

The federal Liberals will form a minority government, Global News projects – so what’s next for consumers?

Now that Prime Minister Mark Carney’s party has secured the most seats in the House of Commons, here are some of the key promises made for the country’s economy and consumers.

It comes as the country faces the economic challenge of U.S. President Donald Trump’s trade war and tariffs.

“The coming days and months will be challenging, and they will call for some sacrifices,” Carney said in his victory speech. “But we will share those sacrifices by supporting our workers and our businesses.”

The new Liberal government is expected to lower income taxes. Specifically, Carney promised a one per cent drop to the marginal tax rate for the lowest tax bracket

There are a total of five marginal tax brackets, which are scaled based on the amount of income earned by an individual or household.

This means the more someone earns, the more they are taxed. The less an individual or household earns, the smaller the percentage of income deducted.

The lowest tax bracket as of now is 15 per cent of all qualifying income earned up to $57,375. Carney’s promise would bring that 15 per cent down to 14 per cent instead.