The proposed Canadian Pension Plan increase is being pitched as modest – but an industry group says small businesses beg to differ
The proposed Canadian Pension Plan increase is being pitched as “modest,” but the Canadian Federation of Independent Business takes issue with that description.
According to a CFIB survey, 70% of small business owners disagree that the proposed hike is modest, or that it will have a “limited impact” on business.
“Try growing a business and creating jobs in a tough economy, with the constant threat of carbon taxes, minimum wage hikes and other new costs, then add seven straight years of CPP increases,” said Dan Kelly, CFIB president. “Eighty per cent of small business owners say that CPP hikes will make it much more difficult for them to cope with other tax increases and increased costs.
“We commend the British Columbia government for joining Quebec in consulting with the public prior to finalizing any plan to raise CPP premiums,” Kelly added. “More than 90% of business owners in BC support the province’s decision to consult, and more than 90% of business owners in other
provinces outside Quebec want their governments to do the same. After all, the 2016 federal budget promised to ‘launch consultations to give Canadians an opportunity to share their views on enhancing the Canada Pension Plan.”
An agreement in principal on a CPP increase was reached in June. However, the CFIB said it is actively lobbying both provincial and federal officials to allow for public consultation and economic analysis before a final deal is ratified.
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According to a CFIB survey, 70% of small business owners disagree that the proposed hike is modest, or that it will have a “limited impact” on business.
“Try growing a business and creating jobs in a tough economy, with the constant threat of carbon taxes, minimum wage hikes and other new costs, then add seven straight years of CPP increases,” said Dan Kelly, CFIB president. “Eighty per cent of small business owners say that CPP hikes will make it much more difficult for them to cope with other tax increases and increased costs.
“We commend the British Columbia government for joining Quebec in consulting with the public prior to finalizing any plan to raise CPP premiums,” Kelly added. “More than 90% of business owners in BC support the province’s decision to consult, and more than 90% of business owners in other
provinces outside Quebec want their governments to do the same. After all, the 2016 federal budget promised to ‘launch consultations to give Canadians an opportunity to share their views on enhancing the Canada Pension Plan.”
An agreement in principal on a CPP increase was reached in June. However, the CFIB said it is actively lobbying both provincial and federal officials to allow for public consultation and economic analysis before a final deal is ratified.
Related stories:
Canada ranks 10th in the world for retirement security
New report gives thumbs up on CPP expansion
