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ARTICLE · 03 MAY 2017

Changes To The Canada Pension Plan: A Field Guide For Ontario Employers

Dentons Canada LLP
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Are you an employer who is uncertain about what you should be doing to prepare for the changes to the Canada Pension Plan (CPP)? This guide will help you.

CanadaEmployment and HR
Mary Picard
Mary Picard
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Are you an employer who is uncertain about what you should be doing to prepare for the changes to the Canada Pension Plan (CPP)?  This guide will help you.

The changes were announced by the federal government a year ago, and formal rules became law at the end of 2016.  Unlike the infamous Ontario Retirement Pension Plan, these government-run pension changes are here to stay.

Here is a summary of the changes.

Mandatory contributions to the CPP by employers and employees will increase, starting January 2019.  The increases will be phased in gradually over several years.  By 2023 employers and employees will each be paying 5.95% of their eligible income to the CPP.  Right now they are each contributing 4.95% of eligible income.

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