The Canadian Federation of Independent Business (CFIB) has sent a letter to all provincial and territorial premiers, telling them that their members can’t afford Canada/Quebec Pension Plan (C/QPP) increases.
The premiers began their annual Council of the Federation meeting at Niagara-on-the-Lake, Ont., on Wednesday. They will talk about a number of issues and are expected to discuss CPP reform.
In the letter, the CFIB said changes to the C/QPP would “dramatically slow down the rate of job growth in the short run and measurably erode wage rates in the long run.”
Read: CFIB says C/QPP hike will hurt Canadian economy
The organization also asked the provinces to proceed with the implementation of pooled registered pension plans (PRPPs).
“The CFIB commends Ontario—along with the governments of British Columbia, Alberta, Saskatchewan and Quebec—for working to implement this voluntary, low-cost pension alternative for employees and owners in Canadian small firms,” states the letter. “PRPPs represent an improvement on the retirement savings options that are currently available for small businesses, and they would benefit both business owners and their staff.”
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