Alec Caldwell
Wynne or Lose under the new Ontario Registered Pension Plan
Canadian ContractorThe soon-to-be-reality Ontario Registered Pension Plan will be a a 1.9 per cent tax grab on employees who don't currently have pension plans, and a similar 1.9 per cent obligation to business owners.
It’s a challenging time to be a self-employed contractor in Ontario, thanks to the McWynne-ty government.
Renovation contractors and home builders in the province are already loaded up with regulatory costs like mandatory WSIB premiums, the Ontario College of Trades (in my view, simply an extortion fee), CPP premiums borne entirely by you if you are self-employed, no eligibility for EI if your business goes under, new mandatory Ministry of Labour safety courses (we support safety here at CARAHS), and now the latest, Wynne’s Liberals’ new Ontario Registered Pension Plan fees.
Make no mistake, this is just another tax grab! It’s even been described by opponents as a Ponzi Scheme. It may or may not be that, but it is one more expense to be absorbed, then passed onto customers – who are not going to be happy with what it does to your pricing.
Will this change affect those in the underground economy! No, they will flourish even more! And even more contractors who have held out, and refused to go underground, might be driven underground by the ORPP. Remember, it is being proposed (but obviously not named as such) as a 3.8 per cent tax, essentially – 1.9 per cent from the employee, 1.9 per cent from the owner/operator. A 3.8 per cent tax grab on a big swath of the Ontario economy – excluding, notably, those with existing pension plans – a huge number of them, government workers, uncoincidentally!
Companies who don’t already have an existing pension plan (possibly the majority) will be forced into the new pension system and employees will also have to pay a portion of the premium from their incomes. Will employers put future hourly rate increases on the back burner, while they recoup this added cost?
Look how things have changed in Ontario. Back in the early 80’s, Ontario households were riding the wave, saving 22.7% of their incomes. By 2013, Ontario households were down to a miserable 4.7% of incomes. (See info) This trend has given Wynne the rationale to step in, play Nanny State, and force a pension plan deduction of nearly 4 per cent on Ontario businesses.
Do you agree or disagree with the introduction of this new Ontario pension plan!
CARAHS is an approved Ontario Ministry of Labour Working at Heights Provider
www.carahs.org
Toll free 1 866 366 2930
Visit our online Safety e-courses Aerial and Scissor Lifts
Passion – Commitment – Integrity
Advertisement
Print this page
NUTS
This is another tax brought to us by the Ont libs. They can’t get enough of our money, or give it away fast enough to their cronies. Just look at the people they have appointed to manage this money for us-Mitzie Hunter, MPP, no financial experience or background, but has the failed TCHC on her resume. Another director of planning, Mr Wei, also from Toronto Community housing, and the bankrupt Goodwill Industries of central Ontario. Then the guy who was fired from Pan Am games, and took a $500k severance cheque from us, is also a top dog there. All these jobs are high paying, and the people in them have zero experience and zero accountability to us, the contributors. No wonder it will be a mandatory contribution, as no one in their right mind would invest in this racket. I have moved my RRSP money 4 or 5 times in the last 35 years, as I felt the people I had hired to manage my money weren’t doing an acceptable job. The ORPP has no posted guaranteed rate of return, no published management fees, and no hope of selling itself without govt bullying. Why even bother setting up a scheme like this, when there are literally thousands of banks, investment firms and brokers fighting for our investment monies? To feed the Big Red Liberal machine, thats why
These liberals should all be expelled out of Queens Park the sooner the better, in a none confidence of a management of public founds, untrustworthy. Not by the opposition party, but by the people of Ontario. As an occupy movement, maybe the only way to finish this nightmare.
Why they have not ask the people of Ontario for a referendum vote Province wide, on this matter? Then if referendum vote a yes for this Ontario pension plan, should be people on the administration with good credentials, not the crooks ones were showing above, or any other crooks either, shame or her and also in this Ontario government.
This shows, she and her government have no brains, no conscious, what so ever, service to themselves, and their cronies.
This is a charade, clear shows how much these Liberals really care about the this Province, all source of fables and labels, agencies to collect money from the people. Canada has no gold, only 3,4 tones, left, its on fiat money, print print, and pay the fiat interest to the printing press of the corrupted bankers, of course this scam have to be well organise to pay for all their scams.
The Premier is out of touch with reality, she is a failure, she should be gone on her own, but her stupid proudness its above everything.
These Liberals may want this stupid pension plan, to back up the electric car incentives, who knows? its scam after scam, with no end. where this government will get the founds for these electric cars incentives?
Oil is way down and will be for awhile, its cheaper to have a gasoline car then a electric one, batteries are away expensive, to change them when in need.
I strong believe the Ontario last election was just as fraudulent as the Liberals. They became like a disease up on us, in every direction.
We hear this all the time from various associations in the construction industry, yet no one association will step up with affirmative action. Its about time something was done about this. I personally think that if all tradespeople would refuse to pay the fees to COT, maybe something would be done. They can’t revoke all our licenses- (what are they going to do? shut the construction industry down in Ontario?)
Actions speak louder than words – enough talk from all the associations!!
I really don’t want to get into the political scope of things but being in a debt of 300 billion for a province, more debt than some countries, it’s not a tax grab it is a revenue tool. Remeber when the ontario liberals came up with that line!! And again the ontario fiberals have done it again, I believe that Ms Wynne said that if Justin Trudeau was elected prime minister of Canada she would scrap the Ontario pension plan. Well It is what it is, as a whole we voted them in with a majority. I sense another Greece coming if you know what I mean. Hope not. Low dollar and more taxes, do the math.
I really wonder how much longer small business will be able to hang on. So much money funnelled into a stream of unknown areas. Small Business are expected to follow diligent guidelines while the Ontario and Fereral Governments have no accountability or really any type of realization what it takes to survive. I Truly wonder what would happen if small business in Canada(would have to be a majority committed) to pose a tax rebellion… Then maybe small business would be recognized as the turning hub of this country and not just some bumpkins who will take another tax jab. Already, some overpaid government personnel is sitting tapping on their desk thinking of the next way to increase our taxes after we absorb this pension plan tax increase.
More tax and pension and fees and all kids of fraudulent licenses these crooks from the Liberal government want from the Canadian people.
In exchanged the Canadians get the bill for all these none cense billion dollars grants to this so called friendship foundations, this is absurd.
The Trudeau friend in the Bahamas cense 1981, 330 million dollars were funneled into this foundation. Its about 9,16 million average a year, wtf is going on in this country?. Now Trudeau want to give the POT for all of you, those who like it, to get stoned, ( KEEP GETING STONED) pay your tax’s and all kind of bullshit they want you to, in the mean time they funneling even more billion to their friendships foundation’s. Like the last 15 million for these crooks so called foundations. The Canadian people should demand Trudeau to quit.
Canada have a prime minister which does not know the ethics of his own responsibilities, how can he govern the Nation? Apparently this is the norm in the Liberal party, In Ontario Wynne does whatever she wants, when she wants, wtf, is going on in this Province
TIME FOR THE CANADIAN PEOPLE WAKE UP AND GET THESE FRAUDULENT LIBERALS OUT OF OFFICE.