The federal government is currently considering increasing CPP and QPP benefits, which would mean a significant premium hike for working Canadians and even more serious impacts for the economy.

But small business owners in particular are concerned about the costs associated with any expansion of benefits, according to Canadian Federation of Independent Business president Dan Kelly.

Earlier this month, CFIB issued an update of its Forced Savings report, examining the so-called 10-10-10 proposal for CPP/QPP expansion.

This plan would hike CPP benefits by 10 percentage points from 25% to 35% of maximum pensionable earnings (MPE), raise the MPE by $10,000 from today’s $51,100 to $61,100, and implement all of this within 10 years.

Trouble is, this double-whammy payroll tax hike could mean that many Canadians see their take home pay drop each year on January 1 for 10 straight years, Kelly maintains.

Now that school is out for college and university students, the race is on to find a job.

Even though employment fell by 55,000 full-time jobs in March, it is up by 203,000 over last year.

But even better news is that almost half of Canadian businesses plan on hiring students or recent graduates this year, according to a new report by BMO Bank of Montreal.

The Canadian tax system relies upon self-assessment, which means, essentially, that you’re trusted to be honest in your reporting, maintain good books, and hang on to the records needed to support your claim. And most people do just that.

Every year though, the CRA highlights certain areas in search of unreported income like cash-intensive businesses, such as restaurants, for instance.

Recently, CRA has taken to double-checking reported company revenues by indirect means, such as extrapolating total sales based on tip income declared by wait staff.

What do franchises like Pizza Nova, M&M Meat Shops, Cora and Coffee Culture have in common?

They all have the ingredients to be financially successful.

In Canada, one out of every five dollars spent ends up in the cash register of a franchise operation.

That's more than $100 billion each year, proving savvy marketing, solid fiscal planning and some calculated risks are helping franchises prosper north of the 49th parallel.

What do you plan on doing with all your hard-earned pennies during the great Canadian penny phase out?

It seems like my change purse -- which was usually overflowing with pennies -- is becoming void of one-cent pieces.

I seem to be taking out my debit card a little more than usual -- especially if the store is rounding up and I will be short-changed so to speak.

When you're doing something you love, it seldom seems like work.

So it comes as no surprise that the majority of Canadian women polled in a recent survey say the main reason they want to start their own business is for the opportunity to do something they love.

BMO Bank of Montreal conducted a survey in recognition of International Women's Day that revealed that 36 per cent of women are interested in starting up their own businesses within the next decade.

It appears Canadians aren't ready to stop pinching their pennies quite yet.

In what could turn out to become a long goodbye, a new BMO Bank of Montreal report has found that many consumers are not ready to bid farewell to the beloved one-cent piece.

In fact, 73 per cent of those polled in the survey conducted by Pollara expect retailers to continue to accept pennies for their purchases at the check-out counter.

A 2012 Ontario Court of Appeal ruling may have more companies rethinking how they manage employee overtime.

The court decided that two major unpaid overtime lawsuits against CIBC and Scotiabank can proceed as class actions, alleging that bank employees were expected to work late regularly, but overtime policies made it difficult for staffers to get paid for their extra work.

The lawsuits could prove problematic for many employers — particularly small businesses, which often rely on workers to put in extra hours to get the job done, warns employment lawyer Laura Williams.

For details about these cases, go to www.unpaidovertime.ca.

Even though they may have fired you months ago, employers may still be on the hook for short-term and long-term disability claims if you subsequently get sick, an Ontario Court of Appeal has ruled.

Here's the story: After working for 24 years at the same spot, an Ontario man was fired without cause.

In addition to one week of severance for each year worked, he received eight weeks’ pay in lieu of notice and the continuation of his benefits for just that eight-week period.

Although he found work quickly, he had no benefits. Which is why, after he found that he had cancer 16 months later, he went back to the original employer to see if they would cover his treatments.

Not surprisingly, the answer was no, you don't work here anymore. So, he sued and eventually won.

It’s not just individuals who are failing to plan and prepare for their retirement. Small business owners are no better, forced to choose between investing in the business today or putting something aside for a faraway goal.

Squeezed between slippery economic conditions and shrinking profit margins, almost half (49%) of those owning their own businesses are forced to make a decision over either contributing to their RRSP or making their business grow, according to a BMO Financial Group study.

Are you one of them? How do you balance the two? Are you hoping that you can tap the equity in the businesss down the road?