Pension Planning - Financial Advisory

Pension Planning

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Pension Planning

In addition to (or in place of) your RRSP, there are several other ways we can help you save more for your retirement on a tax-effective basis. This is especially important if you’re a business owner or professional with a high annual income. Some options are; Individual Pension Plans (IPPs)

  • Individual Pension Plans (IPPs) 

An IPP is an employer-sponsored registered pension plan that offers potentially higher tax-deductible contributions for a corporation than an RRSP. IPPs are ideally suited for self-employed incorporated business owners or professionals aged 40-71 who earn at least $100,000 annually.

  • Insured retirement program (IRP) 

The Insured Retirement Program is a financial planning strategy that will address your client’s dual needs for insurance and supplementary retirement income. With this financial planning strategy, deposits are made into a permanent life insurance policy. In the future, the policy is assigned as collateral for a loan. The loan is used as a retirement income supplement. When your client dies, the insurance proceeds are used to pay off the outstanding loan balance and the excess proceeds are paid to the named beneficiary, tax free.