Finance committee  I don't dispute the fact that it certainly would pay more, but how long does it take before it ever happens, and what happens to a business that is struggling to recover from the recession right now? They've told us loud and clear, through the Canadian Federation of Independent Business and many other business associations, please, don't raise our taxes.

Finance committee  For those who aren't enlightened, could you please expand on how this is so beneficial for small business, and some of the advantages? I know we've heard the Canadian Federation of Independent Business speak about it, but for small businesses out there who don't have a voice—whom you heard from when you were crossing the country and who I hear from when I hold my business round tables every Friday morning—could you please talk about that and how beneficial this would be to a lot of those businesses?

Finance committee  We'll be having the consultations on the regulations coming out soon. We think this certainly is accepted better by the Canadian Federation of Independent Business, as I quoted before. Let me just read you another quote: For every one percentage point increase in CPP premiums beyond the current 9.9 per cent rate, it would cost 220,000 person-years of employment and force wages down roughly 2.5 per cent in the long run.

Finance committee  Working together, I am confident we can get this important new retirement savings option up and running for Canadians as soon as possible. Let me quote Dan Kelly, the vice-president of the Canadian Federation of Independent Business: This can't come soon enough from our perspective. We think this has great potential. Before I take questions from committee members, I cannot stress enough how the introduction of the PRPP is just the most recent example of this government's continuing commitment to ensuring that Canadians have a dignified retirement.

Financial System Review Act  I am happy to report that small business has welcomed the measures laid out in the code of conduct. Here is what the Canadian Federation of Independent Business had to say on the first anniversary of the code: The Code's effectiveness has already been tested several times and CFIB is pleased to report that it has passed on every occasion.

Pooled Registered Pension Plans Act  The chamber also believes that PRPPs, which rely on simple and straightforward rules and processes, would give many businesses the flexibility and tools they need to help their employees save for retirement. Finally, Dan Kelly, vice-president of the Canadian Federation of Independent Business, said: A new voluntary, low-cost and administratively simple retirement savings mechanism will allow more employers, employees, and the self-employed to participate in a pension plan.

Pooled Registered Pension Plans Act  Perhaps the hon. member could put some clarity to the reason that he would vote against an option that the Canadian Federation of Independent Business supports. Many people say that it is an additional, very important tool for our retirement scheme.

Pooled Registered Pension Plans Act  All of our provincial partners are enthusiastic about the positive effect of PRPPs on small and medium business. The Canadian Chamber of Commerce, the Canadian Federation of Independent Business, the Association of Canadian Pension Management and the Canadian Taxpayers Federation have all declared their support for PRPPs. In my riding of Etobicoke Centre, PRPPs would be a very effective means to help many of my constituents start a pension where many do not have one today.

Pooled Registered Pension Plans Act  There are about 5.1 million Canadians, or 48% of the private sector workforce, at small companies. According to the Canadian Federation of Independent Businesses, only about 15% of small and medium-sized businesses offer some form of retirement savings plan for their employees. A joint federal-provincial working group, established in May 2009, undertook an in-depth examination of retirement income adequacy in Canada.

Pooled Registered Pension Plans Act  To quote the Canadian Chamber of Commerce, “The legislation introduced...has the potential to benefit an estimated 60% of Canadians who have either no, or insufficient, retirement savings”. Dan Kelly, vice-president of the Canadian Federation of Independent Businesses said that the pooled pension plans are desperately needed because only about 15% of small- or medium-size businesses that the CFIB represents offer some form of retirement savings plans for their employees”.

Pooled Registered Pension Plans Act  PRPPs will also provide individuals and the self-employed with additional retirement savings options. Dan Kelly, vice-president of the Canadian Federation of Independent Business, stated: A new voluntary, low-cost and administratively simple retirement savings mechanism will allow more employers, employees, and the self-employed to participate in a pension plan.

Pooled Registered Pension Plans Act  Having an opportunity to offer this as a benefit to their employees they see as a real positive and a benefit that will not be a headache for small business owners. I think of the Canadian Federation of Independent Business which very solidly supported us moving forward. It is a great additional option for employers and employees.

Pooled Registered Pension Plans Act  I am very pleased to see that this new initiative has been widely praised in the small business community. For example, the Canadian Federation of Independent Business released a statement last November supporting this legislation. Its senior vice-president, Dan Kelly, said: A new voluntary, low-cost and administratively simple retirement savings mechanism will allow more employers, employees, and the self-employed to participate in a pension plan.

Pooled Registered Pension Plans Act  Again, in looking at what was in my speech and what I said, I was very clear. In talking to groups like the Canadian Federation of Independent Business about raising CPP, they actually said that it would reduce jobs. That is why we did not go that route.

Pooled Registered Pension Plans Act  This would be a good result. One of the arguments was that we should just raise CPP. The Canadian Federation of Independent Business said that one thing about raising CPP is that it kills jobs. In parts of Canada, killing jobs would be very serious. In my area, we actually have a shortage of labour.