Ontario Registered Pension Plan– One Step Closer!

Ontario Registered Pension Plan is one step closer!

With the recent majority Liberal Government the door has now been opened for Premier Kathleen Wynne to move forward with her controversial Ontario Registered Pension Plan.

One of the largest stumbling blocks to an Ontario Pension Plan was the fact they did not have the necessary infrastructure in place to operate such a plan.  It has been argued by actuarial specialists the administrative costs to implement and run such a plan would far exceed the revenue the Ontario government would receive; thus putting the province further in debt.

Last week, during a meeting with Premier Wynne,  Prime Minister Trudeau announced he would be willing to work with the Wynne government to help her implement the ORPP.

Prior to the election Premier Wynne announced she would consider scrapping the ORPP if the Federal Liberals won; provided they would consider enhancing the CPP.  After the election she quickly amended her statement stating  the rest of the provinces would have to agree to change the CPP; and that would likely not happen quickly.  As a result she announced she will continue with her plans to implement the ORPP by January 2017.

With a win by the Federal Liberals, implementing the ORPP has now become a lot easier for Premier Kathleen Wynne.