Its more than that.  Tim's labor costs will go up, but so can be expected the cost to their suppliers, which in turn will have to be reflected in Tim's prices.  For example, there might be an approximate 25%  increase in wages at Tim's, and there will be corresponding increases in the cost of the cup, lid, and coffee.  This could end up with that medium coffee being just shy of $2 in the end.  

Yes, this is just coffee, but this same dynamic will play out at many other retailers.  There will be a combination of prices increasing and aggregate job hours dropping (through reduced hours and increased automation).  Anyone who says otherwise is lying to you (or themselves).   

Those that have a minimum wage job may be better off (at least per hour worked), but there will be fewer hours to go around.