As I mentioned in my presentation, the CPP/QPP payroll tax is the granddaddy of all payroll taxes. It is by far the biggest. The CPP is 4.9% on wages.
Our members have told us that they will not hire as they had planned to, or they will have to lay off staff, or they will be looking at reduced salaries over the coming year in order to accommodate that increase in payroll taxes. They also told us that their employees told them that it will mean less take-home pay for the employees, and will displace other mechanisms of saving that they could be investing on their own.
We're not quite sure that Canadians aren't saving enough at this point in time. We want to make sure that we investigate all opportunities available to Canadians, including PRPPs, including their own personal savings, to make sure that we don't rely on the CPP. It's funded right now, and it is looking good for the next 70 years, but not that long ago it wasn't. Canadians across the board had to pay increased premiums but for no increased benefit.
So we're not sure that's the best way to put all our eggs in one basket at this time.