Everything you Need to Know About the New ORPP in Ontario

Officially referred to as the Ontario Retirement Pension Plan, the ORPP is one of the provincial government’s latest developments designed to alleviate financial pressures felt by workers who lack an existing plan. It was enacted to supplement the retirement income of 3+ million residents, and is thus believed to be a move in the right direction for individuals who are currently struggling with a means of forging a secure nest egg. Understanding the ORPP and how it affects workers To be clear, the ORPP bears a stark resemblance to the existing national pension plan, albeit with a few notable differences. In terms of structure, employees who enroll in the new plan are required to make income contributions via payroll deductions, which are equally matched by…