Skipwith & Associates Insurance Inc.

For most workers, primarily <<middle income>> contributors, an RRSP is an efficient retirement savings vehicle. On the other hand, an RRSP may not meet the needs of higher income individuals, such as business owners and executives. If such is your case, your RRSP contributions are limited, which means that the RRSP probably will not generate an income that will allow you to maintain your lifestyle when you retire.

The Individual Pension Plan (IPP) is a registered pension plan normally established for a single participant and designated specifically for business owners or key employees. It offers higher tax deductions and allows for the maximization of retirements benefits under current legislation.

Defined Benefit Pension Plan (DBPP)

Guarantees your employees a specific monthly benefit at retirement, and cost is determined by three things: the original design, the amount you / your employees contribute, and the amount the investments earn.

Defined Contribution Pension Plan (DCPP)

Employer and employee contributions are fixed while savings are accumulating, and the actual value of the pension is not known until retirement. Tax advantages apply to both employer and employee – contributions are tax deductible and accumulate on a tax-deferred basis.

Made to measure IPP

The IPP is a defined benefit pension plan that is registered with the Canada Revenue Agency (CRA) and the provincial authority. The retirement income is therefore generally greater than the income provided by an RRSP and the annual contribution amount is established by an actuary, based on factors such as age and past T4 earnings.

If you would like to enrol for an IPP please complete this form.