Liberals refuses to tell middle-class families the price tag for his CPP tax-hike: Raitt

TORONTO, ONTARIO—Official Opposition Finance Critic Lisa Raitt is warning that a Canadian Pension Plan (CPP) tax-hike will have a devastating effect on hard-working middle-class families.

“As a result of this decision, we know that many Canadian families will pay thousands more in taxes every year,” said Raitt. “Despite Canadians’ concerns, the Liberal government is refusing to confirm exactly how much his CPP tax-hike will cost the middle-class.”

Under the current CPP system, Canadians pay a 9.9% tax on earning between $3,500 and $54,700. In the past, Prime Minister Trudeau said he favoured an approach that would increase CPP taxes by as much as $3,300 per year.

“Taking money away from hard-working Canadians means that middle-class families have less money to save for a down payment on their first home. It also means that young families have less money for child care.”

According to a survey commissioned by the Canadian Federation of Independent Business, less than one in five Canadians say they would opt to put more of their savings into the CPP.

“This is yet another betrayal of Canada’s middle-class. Canadian families cannot trust the Liberals to make decisions that put more money back in their pockets. If the Liberal government cannot keep promises they made only six months ago, how can families trust what the Liberals are promising 35 years from now?”