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AIS Solutions
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Happy belated Birthday to our junior ninja bookkeeper Saranya! We hope you had a wonderful birthday over the weekend!
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The Real Secret to Success Isn't Really a Secret

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ORPP Change: Businesses who offer a Defined Contribution (DC) plan with a total combined contribution rate of 8%, where at least 4% is contributed by the employer, will not have to pay into the ORPP.

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ORPP change: Businesses who offer a non-comparable type of pension plan or do not offer any type of pension plan will have to contribute to the ORPP.

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Yesterday, the Government of Ontario responded to the Ontario Chamber of Commerce's (OCC) call to revise the comparability rules under the proposed Ontario Retirement Pension Plan (ORPP). The changes announced yesterday will expand the comparability rules under the ORPP and extend the plan's phase-in period.

Key Details of the Announcement

1. Businesses who offer a Defined Contribution (DC) plan with a total combined contribution rate of 8%, where at least 4% is contributed by the employer, will not have to pay into the ORPP.

2. Those businesses who offer a non-comparable type of pension plan or do not offer any type of pension plan will have to contribute to the ORPP.

*3*. Large employers (500 or more employees) will start contributing in 2017, medium sized employers (approximately 50-499 employees) in 2018, and small employers (50 or fewer employees) in 2019. Any employer that offers a non-comparable Defined Benefit (DB) or DC plan will begin to make contributions in 2020.

Read more details in the OCC media release: http://buff.ly/1JTKP3D

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11 Quotes About Success From History's Greatest Entrepreneurs http://buff.ly/1IpwtXv

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