Maximize your pension, minimize your taxes

At Phillips Byler Wealth Management we help successful professionals and business owners maintain their pre-retirement lifestyle into retirement, maximizing their pension, and minimizing their taxes. One valuable savings tool that our clients utilize is an Individual Pension Plan (IPP), which can greatly enhance your retirement income by enabling you to make significantly higher, tax-deductible contributions than the maximum permitted for RRSPs alone.

Maximize your pension

IPPs are an attractive pension option and a valuable savings tool. Maximizing your pension means capitalizing on the advantages an IPP can offer:

  • Your retirement income becomes defined and predictable; not undermined by market fluctuations or unfavourable investment climates.
  • IPPs allow for greater retirement benefits due to their ability to accumulate a significantly greater pool of funds than RRSP contributions limits can allow for.
  • An IPP provides you with peace-of-mind; IPP assets are generally creditor protected and facilitate a highly diversified retirement strategy.

Minimize your taxes

An IPP can also translate into significant tax advantages for individuals who earn T4 income and who want to tax-shelter more money than possible with an RRSP. Minimizing your taxes means capitalizing on the advantages an IPP can offer:

  • Because IPPs allow for higher contribution levels than an RRSP, more of your money becomes tax-sheltered.
  • Your investments grow on a tax-deferred basis, typically resulting in much greater growth over time.
  • All actuarial and investment management fees paid directly by the business, and borrowing costs (if applicable), are tax deductible.

Contact us for your IPP Illustration

Our illustrations are designed to help you understand an IPP and your options. Your illustration will provide a detailed and personalized breakdown of the growth potential, advantages and relevant terms and conditions of an IPP. It will greatly increase your IPP comprehension and provide you with valuable information regarding IPPs in general and your particular plan.

 

To learn more about IPPs and our IPP illustration, contact us here.