CFIB concerned about CPP as election issue
“No one talking about impact,” says organization
04/12/2011|payroll-reporter.com|Last Updated: 04/12/2011
The Canadian Federation of Independent Business (CFIB) has expressed concerns about political party platforms on the Canada Pension Plan (CPP) in the upcoming election.
“Increasing CPP benefits has featured prominently in the platforms of several parties but no one is talking about the impact of the commensurate increase in premiums,” said Catherine Swift, president of CFIB.
The NDP say they will double CPP, the Liberals have suggested moderate increases and the Tory position is not clear, according to the CFIB.
"While small businesses support the current structure of CPP, it is a significant payroll tax at 9.9 per cent of an employee's salary,” said Swift.
“If parties are looking at increasing this tax, they should be clear with Canadians that they are planning on increasing their taxes.”
About 235,000 jobs would be lost by year six of a schedule to double benefits, according to a 2010 report released by the CFIB.
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