CARP

August 2, 2014




Ontario Budget Underway
CARP appears before the Standing Committee to implement Ontarioís Budget


On July 21, 2014, CARP presented before the Standing Committee on Finance and Economic Affairs at Queenís Park on Ontarioís budget implementation bill. Susan Eng, VP Advocacy, highlighted the support of our members for the Ontario Retirement Pension Plan (ORPP) and that our members want to see other provinces follow suit. The same day, CARP also met with Minister Mitzie Hunter, the Associate Minister of Finance, to discuss the Ontario Retirement Pension Plan (ORPP) and its projected implementation. Read more

Recap of the CMA-CARP Seniors Care Challenge's Smashing Reception
Details on a joint venture with the Canadian Medical Association


CARP and the Canadian Medical Association (CMA) partnered together on a Seniors Care Challenge leading up to the June 30, 2014 by-elections. The challenge asked all candidates in the four by-elections, the Ontario ridings of Trinity-Spadina and Scarborough-Agincourt and the Alberta ridings of MacLeod and Fort McMurray-Athabasca, to endorse or reject 12 specific elements of a pan-Canadian seniorsí strategy. Read more

Ontario Drives Ahead with ORPP: Refresher and Update
Briefer: What has happened, what does it mean and what happens next?


CARP members will no doubt recall that the Ontario Retirement Pension Plan (ORPP) was first proposed in the minority Liberal Governmentís 2014 Budget tabled May 1st, 2014. The budget was not adopted in May because the Opposition parties triggered an election. On June 12th 2014, Kathleen Wynneís Liberals were re-elected with a majority government and two days later (June 14th) they re-introduced the same provincial budget. Premier Wynne appointed Mitzie Hunter (Scarborough Ė Guildwood) as Associate Minister of Finance for the ORPP. Read more





The CARP Poll Report: RRIF Poll
We get the details on RRIFs and mandatory withdrawals


Two thirds of members have experienced true financial need, and this need is seen to be most likely brought on by a market crash or unexpected catastrophic illness. In this case, investments would be liquidated or the home would be sold to pay unforeseen costs. Two thirds would not be able to return to work. Members conclude the best way to ensure the security of their retirement savings is to have full control over them, which they do not have now. Read more

CARPís Targeted Benefits Pension Poll Report
In Case You Missed It...


On May 2nd 2014, CARP Action Online polled CARP members on Targeted Benefits Pensions. These findings were used in one of the Committee presentations we have reported on in this issue. In case you missed this report the findings were that the vast majority of CARP members have pensions, two thirds are DB plans and just less than half public sector DB plans. The minority agree the proposed Target Benefit Plans (TBPs) are a good idea, and half think they are not, mainly because employers will convert existing DB plans or because no one will offer TBPs. Read more




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Let's Talk: Happiness is the Key
A Great Viral Video, a 75-Year-Long Harvard Study and You


Is there a formula one can follow in order to lead ďa good lifeĒ? For 75 years, researchers at Harvard have been examining this question, following 268 men who entered college in the late 1930s through war, career, marriage and divorce, parenthood and grandparenthood, and old age. It has been described as one of the most comprehensive longitudinal studies in history. Its contents are said to carry ďas much literature as science [and to] offer profound insight into the human condition.Ē Read more

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CARP ORPP Poll
1. Are you a small business owner, or were you before you retired? A small business is defined as one that employs between 1 and 99 people with sales of between $30,000 and $5 million.

Yes

No

2. How many people did this small business employ?

1 to 5

6 to 10

11 to 25

26 to 50

50 to 99

AM NOT/WAS NOT A SMALL BUSINESS OWNER

3. Did the employees of this small business have a company pension plan?

Yes

No

AM NOT/WAS NOT A SMALL BUSINESS OWNER

4. If not a small business owner, are you or were you the employee of a small business?

Yes

No

5. Did you have a company pension at this small business?

Yes

No

AM NOT/WAS NOT A SMALL BUSINESS EMPLOYEE

6. Under the Ontario Retirement Pension Plan, employees and employers would each pay 1.9% into the plan, for a total of 3.8%. A person earning $45,000 would contribute $65 monthly to the plan over their career and receive a maximum benefit of $6,400 a year in addition to CPP benefits (all indexed). Do you agree or disagree this constitutes a fair plan for both employers and employees?

Agree strongly

Agree

Disagree

Disagree strongly

DONíT KNOW

7. As a small business owner, what would your reaction to contributing to this plan be?

Good idea - Contributions are more cost-effective way of paying deferred wages

Good idea - Employees with more secure retirement better for my business

Good idea - will attract/retain high quality employees

Good idea (OTHER)

Not such a good idea - Will mean fewer new hires

Not such a good idea - My business canít/couldnít afford this

Not such a good idea - Employees responsible for their own retirement savings

Not such a good idea - (OTHER)

AM NOT/WAS NOT A SMALL BUSINESS OWNER

8. As an employee of a small business, what is your reaction to this plan?

Good idea - Canít save enough for retirement now/CPP not enough

Good idea - Modest contribution helps ensure retirement security

Good idea - More likely to stay with the employer

Good idea - (OTHER)

Not such a good idea - Canít afford 1.9% deduction from pay

Not such a good idea - Employer will reduce my wage increases to fund

Not such a good idea - Have adequate savings

Not such a good idea (OTHER)

AM NOT/WAS NOT A SMALL BUSINESS EMPLOYEE

9. CPP features a low income cut-off so that the first $3,500 of annual income isnít subject to deduction from pay. What annual salary level is appropriate for this low income cut-off for the ORPP?

No low income exemption

$3,500

$5,000

$7,500

$10,000

$20,000

$25,000

$30,000

$35,000

OTHER AMOUNT/DONíT KNOW

10. As a small business owner or employee, how would you feel about enrolling in a mandatory provincial plan like the ORPP?

As an employer, would be happy to enroll

As an employer, would enroll

As an employer, would enroll against my will

As an employer, donít know

As an employee, would be happy to enroll

As an employee, would enroll

As an employee, would enroll against my will

As an employee, donít know

NEITHER SMALL BUSINESS OWNER NOR EMPLOYEE

11. As a small business owner or employee, do you consider contributing to a retirement plan an obligation for employers, and just the cost of doing business in Canada??

As an employer, yes, itís an obligation and the cost of doing business

As an employer, no, not employerís responsibility

As an employer, donít know

As an employee, yes, itís an obligation and the cost of doing business

As an employee, no, this is employeeís responsibility

As an employee, donít know

NEITHER SMALL BUSINESS OWNER NOR EMPLOYEE

12. As a small business owner, what is your reaction to the allegation that additional CPP or new ORPP premiums would cause you to lay off employees or prevent you from hiring?

Agree, would lay off employees or hold off hiring so that I could pay the added premium for those remaining

Agree, 1.9% is too much to pay to benefit the employees

Agree, premiums are just another payroll tax

Agree (OTHER)

Disagree, mischaracterizes my priorities, I would still hire someone I need

Disagree, dollar amounts are small compared to keeping stable workforce

Disagree, premiums just offset wage increases I would be giving

Disagree (OTHER)

DONíT KNOW

AM NOT/WAS NOT A SMALL BUSINESS OWNER

13. As a small business owner, what would be your approach to the ORPP or a provincial plan like it?

Would pass extra cost on to customers

Wouldn't matter, it's a level playing field

Would help make employees be more financially secure

Just the cost of doing business

Would join protest/complain to MPP/MLA

OTHER

DON'T KNOW

AM NOT/WAS NOT SMALL BUSINESS OWNER

14. How important is it that provincial pension plans are portable across Canada, and honoured in other provinces?

Extremely important

Very important

Important

Not very important

Not at all important

DONíT KNOW

15. How important is it for the generation now entering the workforce to have an expanded pension system in place for when they retire?

Extremely important

Very important

Important

Not very important

Not at all important

DONíT KNOW

16. Is it important or not important that retirees have the means in retirement to shop, spend money at small businesses and contribute to tax revenues?

Extremely important

Very important

Important

Not important

Not at all important

DONíT KNOW

17. If a federal election were held tomorrow, which partyís candidate would you support?

Conservative

Liberal

NDP

Green Party

Bloc Quebecois

OTHER

UNDECIDED

18. Where do you live?

Newfoundland

Nova Scotia

PEI

New Brunswick

Quebec

Ontario

Manitoba

Saskatchewan

Alberta

BC/Territories

19. What is your gender?

Male

Female

  [See†Results]
Previous Issues/Archives
July 15th, 2014
June 27th, 2014
June 6th, 2014
May 16th, 2014
May 2, 2014
April 18th, 2014
April 4th, 2014

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The Eye of the Needle
The Middle-Aged Guide to Growing Up


During my corporate career, in my mid-forties, I somehow had six figures in the bank one Christmas. Little did I know that was the high point of my peak earning years, and Iíd never see it again. I havenít. But Iíve met some wealthy and some fabulously wealthy people along the way. I know a hedge fund manager (I roomed with him at boarding school) who built a two storey climate controlled library on his Connecticut farm to contain his Gutenberg Bible. Wolf had places in Sun Valley, San Diego, Connecticut and on Park Avenue, plus a little pied-a-terre in Toronto, where I occasionally saw him over the years. Read more

Province of Alberta accused of dragging feet on fire safety at seniorsí facilities
A great investigative piece and interactive resource


On July 31st, the Calgary Herald published an excellent piece of investigative journalism that uncovered the Province has been dragging its feet on fire safety. The Herald obtained internal documents through Freedom of Information requests and uncovered documents that revealed the incidence of four significant fire events in last three years. This article features a fantastic interactive map and several charts put together by the Herald that contain very valuable data on which seniors facilities have fire suppression sprinklers installed. Read more

British Columbians expect to live longer than other Canadians, and to spend more on health care
New Study Reveals Surprising Findings, The Vancouver Observer Investigates


On July 29th, 2014 the Vancover Observer published an article that says British Columbians are expected to live longer than other Canadians but that they are also expected to spend more on their healthcare. Canadians expect to spend $5,391 in out-of-pocket medical expenses every year after the age of 65, according to the BMO report. In B.C., the number was $5,800 a year. Read more

Ontario Budget's Additional Pension Reform Proposals
The ORPP has taken centre stage but other proposals have been announced...


The announcement of the ORPP has overshadowed some of the other pension reform initiatives proposed in the Ontario Budget and surrounding consultations. Here is a quick overview of the other proposals made to enhance retirement security. Read more





Retirees keeping one foot in the work force
A report on trends that includes very useful financial advice for seniors who plan to continue working


CARP VP of Advocacy Susan Eng was interviewed for a Globe and Mail story that was published on July 24th, 2014. The story examines the benefits of a trend that is sharply increasing: working part-time after retirement/going back to work. According to the Chamber of Commerce, 37 per cent of people older than 55 participated in the labour force in 2013, up from 24 per cent in 2000. Susan provided some valuable insights regarding the reasons we have seen such a stark increase in the number of seniors working well into retirement... Read more

CARP and the ORPP: The Premierís Technical Advisory Committee
Zoomer Media profiles CARP's ORPP Advocacy for a Day, Video Post


Prior to the Ontario Budget being tabled in May 2014, CARP was invited to participate on the Premierís Technical Advisory Committee along with pension experts to provide input on a made-in-Ontario pension plan. Members of the Technical Advisory Committee, including CARPís Susan Eng, were invited to meet with Kathleen Wynne to speak to the press about the ORPP. Zoomer media was there to capture the meeting... Read more

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