Canada: New Ontario retirement plan law is enacted | KPMG | GLOBAL

Canada: New Ontario retirement plan law is enacted

Canada: New Ontario retirement plan law is enacted

Ontario Bill 186 received Royal Assent on 9 June 2016. The legislation enacts the “Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016” that, in turn, establishes the new Ontario retirement pension plan (ORPP). The collection of contributions will be phased in, based on employer size, starting 1 January 2018. Ontario Finance has stated that regulations related to Bill 186 are anticipated this summer.


Related content

The ORPP will begin to enroll individuals starting in January 2017. It will be funded by phased-in equal co-contributions from both employers and employees, reaching 1.9% when fully phased in, up to a maximum annual earnings threshold of $90,000.* The ORPP does not apply to individuals who are currently in a comparable workplace pension plan. 

*$=Canadian dollar


Read a June 2016 report [PDF 48 KB] prepared by the KPMG member firm in Canada: ORPP-Ontario's New Pension Plan Passes into Law

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal