Well, the Ontario Government is still going ahead with implementing their version of the CPP. Good news for Small Businesses (50 or less employees) is that they are part of Wave 3 and it won’t start to be phased in until January 1, 2019.
I know that this sounds like a long ways off but still when you are planning for something of this magnitude, there is no harm in starting to gather the facts much sooner rather than later.
Facts such as:
- This is affecting any business with a minimum of 2 employees whose annual salary is at least $3,500.
- Contributions will be 3.8% of salary.
- Your business is excluded if you participate in a comparable workplace plan.
As I mentioned in my first ORPP Update, Sharkey Group Insurance does not provide Group Pension advice & counsel…something that we don’t have a problem with because we are Life, Disability, Health, and Dental Benefit Specialists and we like to help our Clients out by connecting them with other Specialists.
To that end, we are hosting an ORPP Information Session April 28, 2016 in Cambridge, ON that will feature John O’Connor of Manulife Financial. In attendance, will be Clients of Sharkey Group Insurance and other interested Small Businesses in the Cambridge, ON area along with Clients of fellow BNI Members, Brad Hunter…an Insurance/Investment Specialist,and Karen Keeling…a Commercial Insurance Specialist.
If you are a Small Business owner and would like to attend, let me know…we have a few seats left.
Jay
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.