Mr. Speaker, for one thing, these changes will not benefit businesses. They will have to contribute more, but CEOs, company owners, and entrepreneurs will not be able to collect more in retirement. For businesses, there is no upside to the contribution.
Unfortunately, this measure will force some companies to implement hiring freezes, pay cuts, or, in worst-case scenarios, layoffs. That is what will happen. Businesses do not get money for nothing. They have to earn it by working.
Also, there is only so much money to go around. If the government imposes another tax, that will reduce the amount of money available to pay wages and hire Canadians. That will be the fallout of this tax hike.