With the recent changes to taxation of investment income inside private corporations, we’ve been fielding a lot of questions from professionals like you about best strategies going forward.

The professional corporation can be a key asset in retirement planning. One of the most effective yet underutilized strategies for a corporation has been around since 1991 and is called an Individual Pension Plan.

No matter what stage you are in the retirement planning process, it is crucial for you to understand the different planning options. This is especially true with the recent federal tax changes for small businesses affecting you.

Some reasons why you should investigate this as an incorporated professional:

Contributing to an Individual Pension Plan (IPP) as opposed to an RRSP will allow you to retire with more money. We’ve done calculations where we’ve seen an increase to savings of $1 million or more.

IPPs allow for the tax-sheltering and accumulation of more registered assets through higher employer contributions than any other retirement vehicle available. This makes them ideally suited to incorporated professionals like you.

Not only do IPPs generate fiscally sound retirement savings, they provide significant tax advantages to your corporation because contribution room increases with age unlike an RRSP.

The new tax rules will leave many business owners with out of date financial plans. As IPP specialists, we include this into the planning process, and we have helped many people like yourself retire with more investment assets. Give us a call at 613-566-2032 if you would like to learn more!