Page 2 - 2104 Ontario Budget - Introducing the Ontario Retirement Pension Plan
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NTARIO RETIREMENT PENSION PLAN. A PENSION SOLUTION, MADE IN NTARIO. THE PROBLEM — The Canada Pension Plan (CPP) provides Canadians with a secure pension CPP ISN’T that is predictable, indexed to infation and paid for life. But it pays the average retired Ontarian only about $6,800 a year. Most would agree it’s not ENOUGH enough to maintain your current lifestyle in retirement. You might be surprised to learn that the basic structure of the CPP hasn’t really changed since it was created in 1966. The current maximum beneft is only about $12,500 per year, with the average beneft being far less. $6,800 $12,500 AVERAGE MAxIMUM YEARLY BENEFIT YEARLY BENEFIT 1 ONTARIO RETIREMENT PENSION PLAN
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