Canadian Pizza Magazine

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CPP/QPP expansion on hold, for now


December 29, 2015
By Canadian Pizza

Ottawa – The federal government and the provinces have put the brakes on increasing Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) premiums, the Canadian Federation of Independent Business said in a news release.

Canada’s federal, provincial, and territorial finance ministers met in Ottawa on Dec. 20 and 21, 2015, greeted by an open letter from Canadian Federation of Independent Business rejecting the idea of hiking CPP/QPP premiums based on a new economic analysis showing how increases will lead to an upfront hit to the economy, the CFIB said in a news release.

Federal Finance Minister Bill Morneau emerged from the meeting to announce that expanding CPP/QPP was not moving forward until further consultation takes place.

The association said it will continue to push finance ministers to take forced retirement savings off the table permanently and to shift the focus towards voluntary Pooled Registered Pension Plans (PRPPs) in all provinces.