WINNIPEG – More deductions will come off your pay cheque, with the new CPP plan.
An agreement-in-principle was reached by the country’s finance ministers yesterday to revamp the Canada Pension Plan.
It will raise premiums for employees and employers starting in 2019. Eventually payouts will be up as well.
But the Canadian Federation of Independent Business’s Dan Kelly does not believe anyone paying into CPP right now will benefit.
“The only folks this is intended to help are those perhaps the age of my seven-year-old son,” he said.
The CFIB president also wonders how small businesses will be able to afford to pay the hiked premiums.
Manitoba and Quebec were the only two provinces not to sign the deal. We expect to hear why from Manitoba Finance Minister Cameron Friesen later today.
Even without Manitoba and Quebec, there was enough support to move forward with the plan and it will affect our province too.