A public opinion poll and corresponding CFIB member survey on retirement savings find that, if given a choice, Canadian small business owners and employees both prefer RRSPs, TFSAs and personal investments over mandated CPP/QPP increases.
When asked about the best way for government to help Canadians save more for retirement, only 18% of employed Canadians and 5% of small business owners chose mandatory increases in CPP/QPP contributions.
The poll and survey found more than half of Canadian workers and small business owners currently cannot afford to save more for their retirement. Over one-third of workers (39%) and nearly two-thirds of business owners (66%) said the best way for governments to help Canadians save more for retirement is to control spending and reduce taxes.
The poll and survey indicate that mandatory CPP/QPP expansion will lead to economic pressures: over one-third of employed Canadians said such increases would reduce their ability to spend on essential goods and services; two-thirds of small business owners said they would face increased pressure to freeze or cut workers’ salaries.
Get the complete survey results.