Individual Pension Plans The RRSP Alternative for Business Owners.

Slides:

Advertisements

Similar presentations

Year End Tax Tips for Business Owners Tax Management is very critical, especially for small and medium-sized business. This presentation will provide.

Advertisements

Pension Protection Act of 2006 (PPA) Overview: Sweeping Changes for Defined Benefit Pension Plans Presented by David S. Boomershine, Senior Actuary Boomershine.

1 Business Insurance Part 2 Insurance Concepts for Business Owners Jorge Ramos, CFP,CLU Director of Advanced Marketing A PARTNER YOU CAN TRUST.

1 Business Insurance Part 1 Working with Business Owners Jorge Ramos, CFP,CLU Director of Advanced Marketing A PARTNER YOU CAN TRUST.

Federal Income Taxation Lecture 6Slide 1 Taxpayers using the Cash Method of Accounting  Only assets actually received during the calendar year are taxable.

IPP inc. Actuaries and Retirement Plan Specialists The Individual Pension Plan Presentation on behalf of: The Banff School.

RRSP are for retirement and Tax Free Savings Accounts are for everything else in your life.

RRSP TFSA LIRARRIF LIF Locked-in RRSP Spousal RRSP Non- registered.

Chapter 17 Corporate Taxation And Management Decisions.

Chapter 15 Corporate Taxation And Management Decisions.

Defined Benefit Pension Plan Chapter 14 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? A qualified.

Simplified Employee Pension Chapter 24 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? A Simplified.

Lesson 16 Investing for Retirement. Key Terms  401(k) Plan  Annuity  Defined-Benefit Plan  Defined- Contribution Plan  Employer- Sponsored Retirement.

CIFPS 4 th Annual National Conference Vancouver May 28 – May 31.

Glasgow Local Association Scottish Teachers’ Pensions

RETIREMENT PLANNING FOR THE SELF-EMPLOYED PROFESSIONAL OR BUSINESS OWNER.

WELCOME! Individual Pension Plans Canada Revenue Agency’s Best Kept Secret!

1 Retirement Planning and Employee Benefits for Financial Planners Chapter 9: IRAs and SEPs.

Retirement Planning and Employee Benefits for Financial Planners

©2015, College for Financial Planning, all rights reserved. Session 8 SIMPLEs and SEPs CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION.

© OECD A joint initiative of the OECD and the European Union, principally financed by the EU. Public Sector Pensions in Germany Seminar on “Social Rights.

Preliminary Concerns Chapter 3 Planning for Retirement Needs.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 13 Retirement Savings and Deferred Compensation.

Copyright © 2008 Pearson Education Canada 6-1 Defined-contribution Pension Plans The reverse of defined-benefit plans Contribution is known up-front The.

Chapter 13 Retirement Savings and Deferred Compensation © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor.

Changes to the Rules governing the Pension Benefits Act Affecting Ontario Locked-in Accounts.

1 Planning for retirement Algonquin College May 22, 2012.

Cross-Tested/ Age-Weighted Plan Chapter 21 Employee Benefit & Retirement Planning Copyright 2011, The National Underwriter Company1 What is it? a defined.

A Old Sales Idea Revisited!!! Gil McGowan Vice-President, National Accounts Business Development Group Savings.

Investments Who wants to be a millionaire?. What kind of an investor are you?  Rate all investment options according to three characteristics:  Safety.

ESOP/Stock Bonus Plan Chapter 18 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company A stock bonus plan is defined.

1 Investing  Making money with money  Investing = Saving  It involves risk—you can lose your $$

2014 Alberta Tax Rate Update Cédric Paquin, B.Comm, CA, CFP Regional Vice-President, Wealth Planning United Financial, a division of CI Private Council.

Nonqualified Deferred Compensation Chapter 33 Tools & Techniques of Life Insurance Planning  What is it?  Contractual agreement between an employer.

9/13/2015 Cristian Cupen, CGA1. 9/13/2015 Cristian Cupen, CGA2.

Chapter 15 Employee Benefit & Retirement Planning Cash Balance Pension Plan Copyright 2011, The National Underwriter Company1 What is it? A qualified defined.

MORGAN NATIONAL CORPORATION (a broker of financial services) and You and your Company.

Judge Learned Hand U.S. Federal Courts of Appeals In America there are two tax systems One for the Informed (lower taxes) And one for the Under-Informed.

Retirement Savings and Deferred Compensation

HR 10 (Keogh) Retirement Plan for the Self-Employed Chapter 50 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1.

© 2009, Kravitz Inc. All rights reserved. Greater Tax Deferral using Cash Balance Plans.

Copyright © 2007, The American College. All rights reserved. Used with permission. Planning for Retirement Needs Defined-Benefit, Cash-Balance, Target-Benefit,

Investing  . If you invest $1,000 each year What are some ways to invest?      

HR 10 (Keogh) Plan Chapter 22 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? a qualified retirement.

Copyright © 2006, The American College. All rights reserved. Used with permission. Copyright © 2007, The American College. All rights reserved. Used with.

1 IRC Section 412(i) Plans and Defined Benefit Plans After the Pension Protection Act of 2006 Presented By: Michael F. Kresl, CPA.

THE SCHEME  The TPS is a final salary scheme which provides a guaranteed pension and a tax free lump sum. Benefits are index- linked to protect against.

Life Insurance In Qualified Plans Chapter 32 Tools & Techniques of Life Insurance Planning  What is it?  Life insurance is purchased and owned.

Capital Gains and Losses Cassie Warren. Does capital gain count as income for that year on your taxes If your capital losses exceed your capital gains,

Retirement Plan Services. Retirement Plan Services (RPS) Overview 1.Our service approach 2.Specialized team of experts 3.Who to contact for questions.

Bonus Plan Chapter 32 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 An addition to regular salary or compensation.

IMO FOR AGENT USE ONLY Presented By Michael F. Kresl, CPA National Sales Manager.

Tax Wise Investing – for Incorporated Physicians Presented by: Dave Rose, CFP Senior Financial Consultant Wednesday October 24, 2012.

Chapter Objectives Be able to: n Calculate taxable income. n Explain and apply the loss carryover rules. n Explain and calculate the lifetime capital gain.

Chapter 17 Corporate Taxation And Management Decisions.

Tax-Free Savings Account (TFSA). 2 Overview  What is a TFSA?  Benefits  How will it work?  Comparison to RRSP  Investors characteristics.

Session 1: Making sense of the different types of investment plans Personal Investments Helping Your Clients Reach Their Goals.

National Association of Student Financial Aid Administrators Presents… © NASFAA 2010 Filling the Piggybank: Saving for College.

Retirement and Tax Planning for the Self-Employed.

Basic Retirement Plans

Single Step Opportunity to Maximize Benefits

Investing in Canada U.W.I.G.

Purpose The district is following the Act 1 timelines, and the purpose of tonight’s meeting is to present the Proposed Final 2014/15 Budget Receive approval.

GIF Leverage Concepts RRSP vs Leverage.

Community Forum March 19, 2018.

Small business tax Kumar Consulting CPA

Individual Pension Plans

College Savings Made Simple

Presentation transcript:

Individual Pension Plans The RRSP Alternative for Business Owners

June 18, 2015 Do You Qualify? Must be incorporated »Corporation may be public, ccpc, farm corp. »Professional services corp. Receiving earnings on T4, now and past »Dividends do not count! Ideally, earning $100,000+ At least age 40 (best at 50)

June 18, 2015 Individual Pension Plans IPPs are defined benefit pension plans »Maximum benefits »1 individual (and possibly spouse) »Special rules for connected persons >Actuarial assumptions used >Limited RRSP contributions >Actual earnings not average

June 18, 2015 Why Are IPPs So Popular? 2003 & 2005 Federal Budget increased pension limits Contribution is higher than RRSP (age 50+) Contributions increase with age Optional past service from 1991

June 18, 2015 Contribution Comparison 2008 AgeIPPRRSPDifference 40$21,855$20,000$1,822 45$23,970$20,000$3,970 50$26,330$20,000$6,330 55$28,922$20,000$8,922 60$31,769$20,000$11,769 65$35,143$20,000$15,143

June 18, 2015 IPP Advantages Versus RRSP Ongoing larger deposits ‘Top Up’ for previous years Creditor protection Contributions & expenses tax deductible

June 18, 2015 IPP Disadvantages Versus RRSP An IPP requires the services of experts Funds are locked-in (except Saskatchewan & Quebec)

June 18, 2015 Next Steps Call us today for more information (519) or (888)