With the Liberal Party securing another term in the 2025 federal election, many Canadians are left wondering what that will mean for their personal finances.

Economists have repeatedly commented that the current government has overseen rising debt, persistent inflation and worsening affordability, and Canadians are bracing for that to continue.

While the election outcome reflects the will of voters, it also signals a continuation of the policies that have contributed to Canada’s current economic fragility.

For Canadians concerned about their financial futures, regardless of your political leanings, it’s essential to take proactive steps now to protect against the potential consequences of continued Liberal governance:

1. Tighten your household budget

Despite promises of affordability measures, Canadians have lived through years of high inflation, rising interest rates and increased taxation under Liberal leadership. Many middle-class families find themselves worse off than ever before with grocery prices, rent, and other essentials climbing steeply.

While the Liberals pledged to cut income taxes on the second bracket and expand $10-a-day childcare, those measures may be offset by other policy choices, such as continued deficit spending, which puts upward pressure on inflation and interest........

© Castanet