Increased payroll taxes supporting future pension benefits take money out of workers’ pockets. But higher taxes also hurt businesses.
By 2023, Canada Pension Plan premiums will raise $816 more, per worker, per year. This tax is paid equally by workers and businesses.
This tax won’t just affect a company’s bottom line. It will limit the hiring of more people and prevent some part-time employees from being hired full-time. Businesses will have less to invest in future growth.
The CPP hike will suck money out of the economy. It is a tax on jobs and job creation. Ottawa and the provinces shouldn’t put a tax on jobs when Canadians want companies to create more jobs.