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  1. Working or coming to Ontario? Take note...... Original article here - Ontario pension plan will cost from $2.16 a day Pension plan could be fully implemented by 2020 affecting about 3.5 million in Ontario with benefits starting to be paid out two years later. Ontario workers can plan on contributing the equivalent of a Tims or specialty coffee everyday into the proposed Ontario Retirement Pension Plan. Some details of the controversial made-in-Ontario plan were released Tuesday but Premier Kathleen Wynne acknowledged the missing piece remains how much it could cost to create the ORPP. Despite this gap in information, Wynne said she is determined to ignore the critics and push ahead on the plan that would see all Ontario employees belong to a workplace pension plan of one kind or another in five years. “I believe it is the right thing to do,” Wynne said of the plan, noting that two-thirds of Ontario workers have no pension plan other than the Canada Pension Plan (CPP), which she says is just not enough at an average of $6,900 a year. Companies that already have comparable workplace pension plans will be exempt from the ORPP, which is to be phased in by 2020. Like the Canada Pension P‎lan, the ORPP would be equally funded by both employers and employee — 1.9 per cent from each. Wynne’s biggest critic, Conservative Leader Stephen Harper, while campaigning in the GTA, slammed the provincial plan. “That’s a huge tax hike. It’s not a good idea. It’s a bad thing for the middle class and it’s obviously a bad thing as well for jobs. And it’s a bad thing for our economy,” said Harper, who spoke out unprompted. Harper has refused to increase CPP benefits as requested by several provincial leaders and besides that has decided the federal government will not administer the plan for Ontario. Harper said he was “delighted” his government’s refusal to co-operate with the plan is making it harder for the Ontario government to implement the program. Wynne said Harper, whose federal pension would be about $140,000 a year, has decided there isn’t a need across Canada for supplementary provincial pension plans “and is now standing in the way of trying to help us implement this plan.” Federal Liberal Leader Justin Trudeau has said if his party was to form a government it will look at expanding the CPP, along the lines of what Wynne is suggesting. Progressive Conservative MPP Julia Munro said people are going to lose their jobs because of this pension plan. “Small businesses in particular will be forced to reduce their staff to compensate for the mandatory contribution of nearly 4 per cent (in total) from each employer and employee,” Munro said, who further criticized the government for not producing a cost/benefit analysis. If approved, the ORPP would be ‎phased in over five years. It would begin in 2017 with large employers — 500 or more employees — without registered workplace pension plans. Medium employers with 50 to 499 employees without registered workplace pension plans would start to contribute in 2018. The plan will not include small employers — 50 and fewer — without comparable pension plans — until 2019. The Canadian Federation of Independent Business, representing small and medium size business, is fiercely critic of the Ontario pension plan, predicting it will result in job loss. “I have to make it clear that most small and medium size businesses don’t have a pension plan right now, not because they don’t want to have one, it’s because they can’t afford it. And I think that a point this government has missed since the very beginning of this conversation,” Plamen Petkov, CFIB’s Ontario vice-president, said. Petkov said employers will be left with having to leave the province altogether or reducing staff in order to cover their pension contributions. Allan O’Dette, president and CEO of the Ontario Chamber of Commerce, said the OCC remains concerned the ORPP in its current form “will have a negative impact on business competitiveness.” Sid Ryan, president of the Ontario Federation of Labour, said the fact the ORPP is not going to be universal — unlike the CPP — will cause no end of problems, including driving up the cost of administration. “The magic of the CPP is that it is universal — all workers are covered — and as a result of that you have low administration costs. What was announced today is a mish mash of that,” he told reporters. Meanwhile, the Canadian Labour Congress is calling for a doubling of the CPP benefits. By the numbers — Files from Bruce Campion-Smith For the 3.5 million workers expected to participate in the Ontario Retirement Pension Plan: · An employee making $45,000 a year will contribute $2.16 a day or $788.40 a year. · An employee paid $70,000 a year will contribute $3.46 a day or $1,262.90 a year. · An employee earning the maximum of 90,000 annually will shell out $4.50 a day or $1,642.50 annually. Pay outs after 40 years: · An employee making $45,000 a year would receive $6,410 a year for life. · An employee with a salary of $70,000 a year would receive $9,970 a year for life. · An employee making $90,000 a year would receive $12,815‎ a year for life. When fully implemented the ORPP would bring in about $3.5 billion annually.