One of the reasons you likely went into business for yourself is that you prefer to be in control of your own financial future. As the owner of a Canadian…
If you haven’t already thought about starting a Individual Pension Plan (IPP), they’re worth looking into. The IPP is a registered plan for business (CCPC) owners and incorporated professionals such…
What is an individual pension plan? The individual pension plan (IPP) is a corporate sponsored registered pension plan. IPPs were created to allow individuals or small groups of people to…
What is pension splitting? Pension splitting is a tax-reduction strategy in which a spouse with pension income (referred to as the transferring spouse) elects to allocate, for income tax purposes,…
YES. If your T4 income (salary/bonus) is at least $140,000 you can contribute $24,930 to an RRSP. If you become an IPP plan member in the same year, and start…