SMEs ask finance ministers to cancel CPP hikes and keep new pooled pensions voluntary

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Open letter

Pooled Registered Pension Plans (PRPPs)

Of further interest:

• News Release: Small business asks finance ministers to drop calls for hikes to CPP; keep new pooled pensions voluntary

In advance of a meeting of federal, provincial and territorial finance ministers CFIB is urging governments to drop their calls for an increase to Canada Pension Plan (CPP) premiums. Instead we are calling for additional retirement savings options for small business owners, the self-employed and their employees by supporting federal legislation for new Pooled Registered Pension Plans (PRPPs).

In a letter sent to all provincial finance ministers today, CFIB expressed concern that some provinces may require small firms to register for PRPPs and auto-enroll all employees, adding to their red tape burden. "Our greatest concern is that some provincial governments could take away one of the most important features of the PRPP model - the fact that it is fully voluntary," said Dan Kelly, CFIB's senior vice-president of legislative affairs.