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Onus still on individual to augment savings plans continued from p.18 ORPP would be funded equally by employers and employees. Contributions will reach 1.9 per cent from employers and employees by the year 2021. The plan would come into effect on Jan. 1, 2017. Retirement benefits will be paid starting in the year 2022. They will be earned based on the contribution amounts, so younger workers are not burdened with providing retirement benefits to older workers. Not official yet The new program is not official yet. The current Liberal majority government must pass the legislation. Given their strong majority that seems very likely. The proposed legislation does a good job of bridging the gap between the inequalities of our current pension plans. Government workers, as well as professions like school teachers and hospital workers, have excellent pensions. Most others do not. The goal of the ORPP is for retirees to replace 15 per cent of their annual earnings up to $90,000. Additional retirement income will come from the Canada Pension Plan and individual savings. Our recommendation is to consider the long-term advantages of this additional source of retirement income. But remember, it is meant to be a relatively small part of your retirement income. The onus is on you to augment the ORPP and the CPP with your own savings. We suggest you consider an automatic savings plan to add additional dollars to your retirement nest egg. Ontario has taken a bold move to increase your financial security during retirement. Now is a good time for you to take a bold move of your own and establish an automatic plan for the future. Regardless of how far away retirement might seem, it will happen. The Ontario government has done a good job to help you prepare. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner 19 | Thursday, August 20, 2015 | OAKVILLE BEAVER | www.insideHALTON.com Follow Oakville Beaver staff on Twitter: @Oakville_Beaver, @NewsHooked, @JuliaLeReporter, @DavidLea6, @BeaverSports CONCRETE McTavish Travel Signature Vacations has launched a new program called "Off the Beaten Path" that offers a perfect balance between exploration and all-inclusive relaxation. The program combines a stay in one of the tour operator's leading resorts with a series of full or half-day excursions enabling guests to fully experience the country they are visiting. Off the Beaten Path tours are operated by Nexus Tours and are available in Costa Rica, Panama, as well as La Ceiba and Roatan, Honduras; and the price for the excursion bundle works out to be less than if each tour were purchased separately. Highlights may include going in search of howler monkeys, herons and kingfishers on an escorted canoeing trip along La Ceiba's Cacao Lagoon in Honduras; exploring geysers, fumaroles and hot springs at Rincon de la Vieja National Park in Costa Rica; or discovering Panama City's UNESCO-recognized historic centre. Unlike an adventure travel program where travellers have concerns about the availability of suitable accommodations, accessibility of local transportation and an insufficient knowledge of regional customs, the Off the Beaten Path program offers guests the best of both worlds ­ to simply relax at their choice of all-inclusive hotel, with a few days to enjoy the scenic beauty, natural wonders and cultural richness of their chosen destination. signaturevacations.com Until 31DEC15 Air France is offering a free night including breakfast at the Meridien Etoile**** hotel in Paris and a limousine transfer between Charles de Gaulle and Paris for passengers connecting or transiting via Paris (final destination cannot be Paris) on an Air France return fare in Business Class. Hotel rooms and cars offered for this promotion are limited, so reserve early with McTavish. Avalon Waterways has a host of promotions applicable to 2016 river cruise sailings that are set to expire on 15SEP15. 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