For a majority of workers and the average taxpayer, RRSPs are an effective tool with which to set aside savings for retirement.

However, the situation is somewhat different for higher income earners, such as business owners and company heads. If you fall under this second category, an RRSP will not be enough to allow you to maintain your current lifestyle come retirement.

Luckily, there is another way to build a retirement nest egg that will better answer your needs: the Individual Pension Plan (IPP).

When setting up an IPP, the objectives are as follows:

1. Generate the largest possible corporate expense considered eligible by the Canada Revenue Agency

-For tax relief, to the company
- In some cases, a reduced tax rate on remaining profits

2. The tax free transfer of these amounts to an owner or company head

3. Protection of these assets from creditors

Should you want to consult with me about IPP's for you and your company or any other Insurance & Investment Product, call me at
1-888-977-7778 or email me at:daniel.latour@justincaseinsurance.com