The Ontario Retirement Pension Plan (ORPP)
It is a scenario not-for-profit organizations across Ontario and Canadian organizations operating in Ontario will soon face: find new sources of revenue, cut funding or lay off staff.
The new Ontario Retirement Pension Plan (ORPP), which comes into force in 2017, is of tremendous value to workers who do not currently pay into, or benefit from, a retirement plan with their employer. Studies show that without an employer-based defined benefit, contribution or pension plan, Canadians are not saving enough for retirement. The Canada Pension Plan and Old Age Security programs offer some financial relief; however, in most parts of the country, these programs do not offer sufficient income to live.