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ARTICLE · 28 JUNE 2016

An Expanded Canada Pension Plan (And A Very Questionable Future For The Ontario Retirement Pension Plan)

McCarthy Tétrault
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The Ontario Retirement Pension Plan (ORPP) seemed like a sure thing—until it wasn't.

CanadaEmployment and HR
Mark Firman
Mark Firman
Jennifer Del Vecchio
Jennifer Del Vecchio
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The Ontario Retirement Pension Plan (ORPP) seemed like a sure thing—until it wasn't.

Yesterday, Bill Morneau, the federal Minister of Finance, and eight of ten provincial finance ministers did what many to this point thought was impossible: reach an agreement in principle to expand the Canada Pension Plan (CPP).

The agreement represents the first significant increase to CPP benefits since the program's creation in 1965. It will affect almost all employers in Canada with employees outside Quebec.

While it looks likely that the agreement in principle will translate to formal finalization, many details remain to be released publicly. We are continuing to monitor.

Here is what we know so far—and what this means for the future of the ORPP.

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