Individual Pension Plan (IPP) for employees in Canada
Individual Pension Plan (IPP)
Are you a business owner and have some top-quality executives? This one-person defined benefit pension plan provides additional tax-sheltered retirement savings.
- Reduces tax: contributions reduce the company’s income and reduces the taxable amount
- Lowers shareholders’ equity (retained earnings), which facilitates the sale of the company
- Prevents creditors to seize assets in an IPP
- Cancels social security payments on contributions for the employee, unlike an RRSP
- Allows you to save more for retirement because the contribution limit is higher than that with an RRSP
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