On February 16, 2016 the Honourable Charles Sousa, Ontario Minister of Finance, in conjunction with the Honourable Bill Morneau, Minister of Finance of the Government of Canada, announced that they will work together to improve pensions for Canadians. The governments will work together towards enhancing Canada Pension Plan (CPP) options, and if a provincial agreement on CPP enhancement is not reached, the Ontario government will facilitate actions to implement the Ontario Retirement Pension Plan (ORPP).
The Ontario government has proposed to launch the ORPP in phases to allow businesses more time to enroll. This phase-in delays enrollment to January 2017, one year later than the original start date, as well as starting the first phase of contributions in January 2018.
Read the news release by the Department of Finance Canada here.