By Daryl Major

Canadian Taxpayers Federation not sold on CPP changes

Jun 22, 2016 | 11:45 AM

Not everyone is sold on a proposed change to the Canada Pension Plan.

At a meeting recently, provincial finance ministers agreed in principle on a plan to raise C-P-P premiums.

Aaron Wudrick, National Director of the Canadian Taxpayers Federation says they’re disappointed.

“We have long said that we think this is a solution in search of a problem. We know that there’s good intentions here. I mean people are focusing on that fact that we’re trying to have more secure income for folks after they retire, but the reality of this plan is that it’s targeting a group that frankly doesn’t need help,” said Wudrick.

According to Wudrick, an increase in premiums is no help to those who aren’t paying into the C-P-P, adding a better option would have been a tax cut.

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He also notes the changes will amount to a payroll tax for businesses.

“Regardless of what the cause is for, it is a new expense for businesses. And that’s coming at a time when businesses are already having a difficult time. So we think that consequence needs to be weighed against the ultimate objectives of the program.”

Under the proposed plan, an average Canadian worker earning 55-thousand dollars a year will pay an additional seven dollars a month in premiums starting in 2019.