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ARTICLE · 02 MAY 2014

Ontario Budget 2014: The Pension Budget

McCarthy Tétrault
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On May 1, 2014, Minister of Finance Charles Sousa tabled Ontario’s 2014 Budget, Building Opportunity – Securing Our Future.

CanadaEmployment and HR
Lorraine Allard
Lorraine Allard
Mark Firman
Mark Firman
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On May 1, 2014, Minister of Finance Charles Sousa tabled Ontario's 2014 Budget, Building Opportunity – Securing Our Future (the Budget). Among other things, the Budget made a number of significant announcements regarding pension reform, chief of which is the creation of a new, mandatory "made-in-Ontario" supplement to the Canada Pension Plan (CPP) called the "Ontario Retirement Pension Plan" (ORPP). The Budget also announced future legislation to introduce pooled registered pension plans (PRPPs) in Ontario, to amend the funding rules applicable to defined benefit (DB) pension plans, and to move forward with asset pooling for plans in the broader public sector.

The New Ontario Retirement Pension Plan

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