BOOSTING WEALTH ACCUMULATION:
As a business owner there are several financial decisions to make regarding both your personal and corporate finances. When it comes to building your wealth, one of these important decisions is whether to invest in a RRSP like the population at large, or take advantage of the few Pension Plan Solutions, only to business owners, incorporated professionals, and high level executives.
A Pension Plan is a solution that offers the largest tax-deductions available under legislation and the maximum tax-deferred savings and accumulation for retirement, surpassing all other registered methods like RRSPs, TFSAs and IPPs.
Pension legislation is more favorable than RRSP regulations, however pensions are usually only available in the public sector. The Pension Plan Solutions allow individuals in the private sector the opportunity to set up their own defined benefit pension through their private corporation and take full advantage of pension legislation
.
Pension Plan Solutions are ideally suited for self-employed incorporated business owners or professionals who want to boost their retirement savings and take advantage of the associated corporate tax-deductions and extra tax-deferral capabilities of the plan.
Pension Plan Solutions are similar to RRSP's in the sense that it is a registered tax-deferred account, but it offer several major advantages. Some of these advantages include:
- A vehicle to take surplus cash out of the corporation in a tax-efficient manner
- Substantially increase tax-deferred retirement savings vs RRSP
- Incoming splitting as early as age 50
- Ability to make up shortfalls
- Significant corporate tax deductions
- Deductible investment management fees
- Highest level of creditor protection
- Succession Planning Advantages
- Help facilitate sale of the business
If you would like to know more about your eligibility , please do not hesitate to contact us.
