If you are living in Ontario I think you should know that our Ontario government is rolling out the carpet for the new ORPP (Ontario Retirement Pension Plan). The information I am providing just highlight some important information. Please visit the website for more detailed information.
Not enough people are saving for retirement.
Companies no longer offer pension plans.
It will be introduce starting 2017.
Employees and employers will each contribute an equal amount, capped at 1.9% on annual earnings up to $90,000. Anything above $90,000 (in 2014 dollars) will be exempted.
If you make $45,000 a year, you will receive an additional $6,410 per year for life on top of your OAS and CPP.
If you make $70,000 a year, you will receive an additional $9,970 per year for life on top of your OAS and CPP
The amount you will receive from ORPP will depend on how long you contribute and your salary during those period.
For more information go to http://www.ontario.ca/page/ontario-retirement-pension-plan
Disclaimer: This is not a Sponsored post. This post only highlights some facts. I can't guarantee the facts since the information could change. Highly advise to check the website for more information.