So the Ontario Liberals want to introduce a Ontario Retirement Pension Plan, or ORPP for short. Is this a good idea or a bad idea?
Currently all working people in Canada will receive upon retirement a Canada Pension Plan which in today' dollars pays a whopping $ 6800.00 a year on average. The Prime minister when he retires will receive over $ 200,000 per year as part of his retirement package. Now this does not include Old Age Security or any supplement that the Federal government might give you.
As you can see from the picture above, the Ontario Liberals if re-elected will put into place a made in Ontario retirement plan whereby those working for a company that does not have a pension plan of their own would have to contribute 1.9% of their earning towards the ORPP.
Some think that this is another tax grab by the Ontario Liberals, while others think it's a very good idea. I'm on the fence when it comes to the ORPP. I feel that if you want to contribute to the ORPP then you should have that option. It should not be forced upon you by the Provincial Government.
I do have to give the Liberals credit in coming up with this plan as part of their election platform. In Quebec they've had a Provincial Pension plan for years, and it's worked very well for them. So readers what's your take on the ORPP? Good idea, or bad idea?
