Now or never to stop CPP/QPP expansion

Tell your province and the federal government to take CPP/QPP hikes off the table for good. Sign the petition.

As provincial finance ministers continue to consider the possibility of CPP/QPP expansion, CFIB leadership is on a cross-Canada tour strongly encouraging them to put the idea to bed once and for all.

After visiting 10 provincial finance ministers, it is clear there is an appetite among many of them for expansion – they plan on gathering in June to consider proposals on how to proceed.

A final decision on CPP/QPP is expected in December 2016, which is why it is more important than ever for small businesses to make their voices heard on this issue.

Federal, provincial, and territorial finance ministers had previously met in Ottawa on December 20 and 21, 2015, greeted by an open letter from CFIB rejecting the idea of hiking CPP/QPP premiums based on a new economic analysis showing how increases will lead to an upfront hit to the economy.

CFIB is pushing finance ministers to take forced retirement savings off the table permanently and asking them to shift their focus towards voluntary Pooled Registered Pension Plans (PRPPs) in all provinces.

The signs of trouble are looming

CPP/QPP increases

All signs point to trouble for Canadians!

If governments rely on the Ontario model to expand CPP/QPP, the annual premiums for someone earning $50,000 would go up as follows. 

  • Trouble for employees: The portion of premiums paid by employees would increase by about $880/year. 
  • Trouble for small business: The employer portion would also increase by about $880/year per. That means a company with 15 employees would be paying an additional $13,200 per year. The self-employed, who pay the entire premium themselves, would be paying an additional $1,700/year. 
  • Trouble for the economy: Higher labour costs, with no increase in productivity, would lead to job losses, wage cuts/freezes or reduced hours for many workers. Some might escape unscathed, but everyone would be at risk. 

Heed the signs – help stop the CPP/QPP hike As long as a CPP/QPP hike is still on the table, the signs will continue to  point to trouble for all Canadians.

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