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We agree with Finance Minister James Flaherty's assessment that this is not the time to enhance the Canada Pension Plan (CPP) given the cost to employers, employees and the resulting impact on the economy.

We recognize that Canadians’ ability to save for retirement has been has been hurt by record-low interest rates. However, Canada’s economic recovery remains sluggish, and this is not the time to increase employers’ contributions to the CPP, making it more expensive to hire and retain employees.

We have long supported Pooled Registered Pension Plans (PRPPs) as an option that provides Canadian businesses with the flexibility to choose retirement savings solutions that fit their sizes and resources. This is particularly true for small- and medium-sized businesses, many of which have limited, or no, resources to support offering retirement savings plans. With federal PRPP legislation passed nearly a year ago, we have been urging those provinces that have not already done so to introduce the legislation to make PRPPs available to employers and employees in their jurisdictions.

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