Pardon me. I should note that the $750 is a cumulative increase over the rounds of the CPP enhancements, the CPP premium increases, that we've seen over the last number of years. Taking that amount of money is an annual withdrawal from someone's take-home income and now is fully implemented. We have one more round of increases for all employees before the maximum pensionable earnings go up. Then we have two more years when maximum pensionable earnings limits will rise. That means that middle-income Canadians—those earning around $75,000—will see giant increases in their CPP premiums, now over a seven-year time frame.
Payroll taxes are profit-insensitive. We all know the impact as an employee, but from an employer perspective, that is money that they now have to ante up in their half of the premiums for every employee, making it more costly for them to create jobs or enhance wages.
Of course, for the self-employed—business owners being self-employed—you have to pay double that rate, because you pay both the employer and the employee share. In some cases we're seeing $1,500 increases for owners of businesses or self-employed Canadians. That's a very big bite out of your take-home income at a time when we're struggling to make ends meet in many instances, for employers after the course of the pandemic and for employees under the inflation they're experiencing.