Retirement_Eggs, Nest

Most working Canadians (60%) say they can’t afford to save more for retirement, according to a new poll by the Canadian Federation of Independent Business.

Read: Some early retirees would be broke within a year

As a result, they say they likely wouldn’t put any extra money into CPP or QPP even if the government allowed it—only 18% would welcome mandatory increases in CPP and QPP, and only 19% would voluntarily invest more in CPP and QPP.

Overall, “fewer than one in five Canadians support putting more of money into the CPP or QPP,” says CFIB president Dan Kelly. “[They] would choose to put any extra money for retirement savings in [their] TFSAs, RRSPs or private investments.”

Read: Will Wynne’s ORPP help or hinder investors?

More than one third of Canadian employees (39%) want the government to reduce spending and taxes so it can create new incentives to help people save. Even for business owners, only 5% polled would favour CPP and QPP hikes.

“A mandatory payroll tax hike [could] hurt everyone,” says Kelly, given many business owners say they’d have to look at how that would affect wage increases and hiring outlooks.

But, he adds, “CFIB [does] support allowing voluntary additional contributions to CPP and QPP for Canadians who do favour [them] as retirement savings vehicles.”

Also read:

CPP invests in multi-family real estate

How to declare pension income

By 2030, OAS recipients will surge

Originally published on Advisor.ca
See all commentsRecent Comments

RAYMOND.ANDERSON.7

Duh.. The headline should be “Average Canadian Smarter Than Politicians”. Tontines are never a good deal for the contributor.

Monday, July 13 @ 5:34 pm //////

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