Does an Individual Pension Plan (IPP) make sense for you and your corporation?
An IPP may allow you to use corporate funds to contribute to personal retirement income beyond the existing RRSP contribution limits. This is a great way to reduce your corporate income tax and shelter more savings.
Who does an IPP work for?
- Individuals and couples who own a corporation
- Those who earn a salary of $120,000 per year or greater from that corporation
- Corporation has excess cash to fund contributions
- Most beneficial for people over 40 years of age
- Tax deductible contributions
- Greater contribution room compared to registered plans (RRSP, RPP, DPSP)
- Past service funding available for prior years of employment
- May allow pension income to be split with a spouse
- Creditor protection
If you think you could benefit from an Individual Pension Plan for your retirement, please contact us below to determine what additional pension contribution room and future benefits you have available.
Let’s start the conversation!
Please contact Greg here or give our team a call at 403.355.6055 or toll free 1.855.220.6054