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www.insideHALTON.com | OAKVILLE BEAVER | Friday, August 14, 2015 | 14 Chamber keeping an eye on proposed Ontario pension plan by David Lea Oakville Beaver Staff As details emerged this week about the proposed provincial Ontario Retirement Pension Plan (ORPP), the Oakville Chamber of Commerce reacted by applauding some of the details, while voicing concern about the plan as a whole. The local Chamber said it was encouraged by an Aug. 11 announcement that the Province would expand the comparability rules under the ORPP to include some Defined Contribution (DC) plans. Buying? Selling? Re-financing? GOLD Call me for a quote at 905-845-0767 ext. 222 1276 Cornwall Road, Unit C, Oakville Ontario, L6J 7W5 Personal Professional Service at Competitive Rates 905-581-4203 · dontbuyahottub.ca Old Bronte Rd. Don't buya hot tub! best kepts ret inthe g c e ta www.haxelllaw.com · lawyers@haxelllaw.com T: 905-845-0767 · F: 905-845-5552 The group noted that with this change, employers that already provide certain DC pension plans for their employees would be exempt from contributing to the ORPP . Representatives of the Chamber said the longer phase-in period announced Aug. Kerry Colborne 11 is appealing as it will assist many Ontario businesses transition into the plan. That said, the group argues these changes are not enough. "Today's (Aug. 11) announcement is a step in the right direction," said Oakville Chamber Chair Kerry Colborne. "However, we remain concerned the ORPP in its current form will have a negative impact on business competitiveness." In June, the Oakville Chamber, the Ontario Chamber of Commerce (OCC), and a coalition of more than 150 businesses, sector associations, chambers of commerce, and boards of trade came together to urge the government to expand its definition of pension plan comparability to include capital accumulation plans, including, but not limited to, Defined Contribution plans. Despite this week's announcement, the Oakville Chamber warns the current form of the ORPP will likely raise costs for the majority of businesses operating in Ontario, including those employers that offer what the government defines as non-comparable plans like Group RRSPs. The Oakville Chamber said recent OCC survey data indicates that if faced with mandatory increased contributions under the ORPP , 44 per cent of businesses would reduce their current payroll or hire fewer employees. "We remain deeply concerned about the cumulative burden facing Ontario employees," said Colborne. "Rising electricity prices, the introduction of a cap-and-trade system, and the ORPP will further add to the cost of doing business in Ontario. This is why we, along with the Ontario Chamber of Commerce, have asked the government to conduct and publicly release the results of an economic impact analysis of the proposed pension plan." Following considerable advocacy efforts by a coalition of businesses led by the OCC, the government committed to releasing a costbenefit analysis of the ORPP by year's end. "We will continue to work with government in order to ensure they have a full appreciation of the potential impacts of the ORPP ," said Colborne. Comfort Friendly Spa-like l r. M ge aris n A ' aD Caring Compassionate g hiv ani Sag Visit our new dental office, conveniently located on the ground floor of the recently built Palermo Professional Centre (SE corner of Bronte Road and Dundas Street). We offer full Family Dental Services in our brand new, state-of-the-art office in a calm and relaxing environment. We are a paperless office and use digital x-rays. We welcome kids, teens, adults and seniors. NEW PATIENTS are welcome and we will accommodate your dental emergencies. We will directly bill your insurance company and offer convenient evening and weekend appointments. Call to book your appointment today 905-827-8700.Visit us at www.reflections-dental.ca Bronte Rd. www.reflections-dental.ca 3rd Line until you see our prices! 2525 Old Bronte Road, Suite #130 Palermo Professional Centre (ground floor) ar D r. S Relaxing o Dundas St. W. Pine Glen Rd. 905-827-8700 è D N