Mr. Speaker, on Friday the finance minister announced one of the biggest single tax grabs in Canadian history, a 70 per cent hike in CPP premiums, payroll taxes with no increase in benefits.
Under the old system Canadians paid 5.8 per cent of their paycheques for a $9,000 pension at the end of the day. Under the
new system they will now have to pay 9.9 per cent of their paycheques to receive the same $9,000.
Is this the government's primary response to the pension crisis: a $10 billion tax grab that will penalize young Canadians and kill jobs? No wonder we need a fresh start on pension reform.