The proposed Canada Pension Plan (CPP) increase may be pitched as "modest,” but small business owners are saying it's anything but, according to a survey by the Canadian Federation of Independent Business (CFIB).
Seventy per cent disagree with the notion put forward by finance ministers that the proposed hike is modest, with 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."
The CFIB commended the British Columbia government for joining Quebec in consulting with the public prior to finalizing any plan to raise CPP premiums.
“More than 90 per cent of business owners in B.C. support the province's decision to consult and more than 90 per cent of business owners in other provinces, outside Quebec, want their governments to do the same," said Kelly. "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.'"
While an agreement in principle to increase CPP was reached in June, CFIB is actively lobbying provincial and federal politicians to ensure that public consultation and economic analysis take place before any deal is ratified.