Archive: Jun 2016

21st Jun 2016

IFB Staff

Ontario Retirement Pension Plan (ORPP) scrapped

Ontario’s Finance Minister, Charles Sousa, has announced that Ontario will not pursue setting up the ORPP, now that Canada’s Finance Ministers have agreed to enhance the CPP, starting January 1, 2019. IFB has been vocal in its opposition to the ORPP because it would increase costs and compete against private sector retirement plans already in place – many of which would have been discontinued by employers who could not afford to contribute to both plans. Under the enhanced CPP: Income replacement will increase from 25% to 33% of pensionable earnings, e.g. a person earning $50,000 throughout their working life would receive a yearly pension benefit of around $16,000 instead of the $12,000 they would currently receive. The maximum amount of […]

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