Delay CPP expansion approval, St. John's Board of Trade asks Dwight Ball
The St. John's Board of Trade is asking Dwight Ball to try and delay the approval deadline for planned increases to the Canada Pension Plan, saying the move could hurt Newfoundland and Labrador's small businesses.
"This increase[d] tax on jobs will hinder future job growth at a time when it is needed most," board chair Des Whelan said a letter to Ball released Tuesday.
The federal government is hoping to finalize the increases to the CPP by Friday after reaching an agreement in principle in June with nine of the provinces, with Quebec the lone holdout.
Finalizing that would mean in beginning in 2019, the average worker will pay $7 more a month in CPP contributions, gradually increasing to $23 by 2023.
Whelan called that measure "a tax on jobs," and asked Ball to ask federal Finance Minister Bill Morneau for a delay "to allow the business community time to examine these changes to determine the impact to their businesses and recommend changes."