Introduction to Individual Pension Plans (IPP)
Individual Pension Plans (IPPs) are the most tax-efficient registered retirement savings plan allowed under the Income Tax Act (“ITA”). Qualifying business owners, employed by their company and aged 40 and over, can accumulate significantly more, sometimes more than twice, when compared to an RRSP.
Successful business owners can greatly enhance their tax deductible and tax sheltered registered retirement savings with an IPP. Their company will have the opportunity to make tax deductible contributions far greater than the amounts that the participant could contribute to an RRSP.
