Recent changes to the ORPP are a step in the right direction, according to Timmins Chamber. The Ontario Registered Pension Plan is a forced four per cent tax on employers to help their employees save for retirement. Manager at the Chamber, Nick Stewart, says the changes will make the process easier on businesses.
He says the changes will allow for more exemptions, like for businesses that already have a similar plan in place. Stewart says a longer lead in time will also help businesses plan for the tax. He says the ORPP is coming in at a bad time, when Northern businesses are already adjusting to cap and trade laws and higher energy rates.
Stewart says the idea is a good one, but not the way it’s being handled. He says companies want to help secure their employee’s futures, but it should be done in partnership with businesses rather than it coming from the top down.
The ORPP will start rolling out in 2017.