Q&A: Jamie Golombek answers questions about the federal election and your taxes

With the end of both the

tax season

and the

federal election

around the corner, many Canadians may be wondering what the election means for their taxes.

Both the Liberals and Conservatives have promised varying degrees of tax cuts on income, housing, carbon and investments, but does does it mean to the average Canadian? What can we expect to come out of our paycheques? How much difference will it make to our bottom line?

Jamie Golombek

, Financial Post contributor and managing director of tax and estate planning at CIBC Private Wealth, was on hand to answer reader questions on all things taxes.

Tax promises this election

• Liberal leader Mark Carney has promised to lower the lowest federal income tax bracket to 14 per cent, saving a typical two-income family $825 per year.
• Conservative Leader Pierre Poilievre is proposing a similar but deeper cut to 12.75 per cent for the lowest tax bracket.
• Carney has promised to cut the GST on first-time homebuyers for all homes under $1 million.
• Poilievre would cut the GST on all new homes under $1.3 million.
• Carney has already removed the consumer carbon tax, but plans to maintain the industrial carbon tax.
• Poilievre would remove the industrial carbon tax.