For business owners, self-employed and incorporated professionals, saving for retirement is of utmost importance. The question often is around how to save for retirement. Most business owners are familiar with RRSPs (Registered Retirement Savings Plans) and IPPs (Individual Pension Plans), but there is another way of saving with enhanced benefits known as the Personal Pension Plan® (PPP through INTEGRIS Pension Management Corp).

The Personal Pension Plan® is designed for the self-employed to create a defined benefit pension plan without the complex administration of an individual pension plan. The advantages of the PPP are:

  • Shelter more income: You can contribute more to your retirement plan than what’s allowed with an RRSP.

  • Contribution flexibility: You can adjust your annual contributions. If your business suffers from a downturn, you can modify your contribution and increase it when business upturns. There are no other pension plans that allow this flexibility. You can also buy back past years of service once the PPP is set up.

  • Greater investment choices: You can invest in non-traditional vehicles that are not typically available inside an RRSP such as real estate or private equity.

  • Creditor protection: If your business were to have financial difficulties, creditors cannot access the assets in your PPP to pay debts. Your PPP is protected for your retirement.

  • Tax deductible fees: Investment, pension management and related fees are tax deductible to your business.

PPPs offer significant advantages over RRSPs and IPPs and are a pension plan worth thoughtful consideration.

Talk to us today and we can determine what makes the most sense for you.