Ontario Registered Pension Plan

On Monday June 20th the provincial and territorial ministers agreed in principle to revamp the Canada Pension Plan paving the way for the cancellation of the Ontario Registered Pension Plan.

Federal Finance Minister Bill Morneau announced that a deal was struck that would see an increase in CPP contributions starting in January 2019 to combat the fact Canadians are not saving enough for their retirement.  The provincial and territorial ministers now have until July 15, 2016 to ratify the deal and develop the details of the agreement.

After the detail was reached, both Charles Sousa and Premier Kathleen Wynne announced they will cancel the O.R.P.P. provided the deal on the 15th of July can be reached.