IPPs must follow pension rules
If you are a business owner or executive, or an incorporated professional (physician, dentist, lawyer, accountant, and so on), and you’re looking to enhance your retirement savings, you might think about setting up an Individual Pension Plan (IPP). READ MORE
Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. This month, Money Makeover takes a look at Charlotte, a single public relations professional in her mid-forties who is planning on retiring in 20 years.
She says she needs $65,000 a year in retirement income and wants to know if she’s on the right track to meet her goals.
Individual Pension Plans a tax-efficient retirement savings tool
Given the current effort by the federal government to clamp down on some of the income “splitting and sprinkling” tax benefits of Canadian-Controlled Private Corporations (CCPCs), there’s definitely a lot of uncertainty among executives, business owners, and professionals about the tax benefits of incorporation. But one item remains untouched (so far): the Individual Pension Plan (IPP) is still an excellent way to considerably boost your retirement nest-egg if you own a CCPC. READ MORE
Individual pension plans ideal for professionals, executives, business owners
If you’re a high-bracket professional, executive, or businessperson, and you’ve maxed out your RRSP, you may be surprised to learn that there are other tax-efficient retirement plans available that let you enhance your retirement saving. One of the best is the Individual Pension Plans (IPP), which is in fact an excellent way to increase your retirement nest-egg, while having your company make large tax-deductible contributions. READ MORE