Category: "IPP"
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Succession Planning with Individual Pension Plans and Personal Pension Plans (an IPP with a Different Name)
Individual Pension Plans (IPPs) have a unique feature for family businesses and family planning unlike RRSPs. This feature is equally shared with IPPs that are marketed using alternative names such as the Personal Pension Plan, Family Pension Plan, and Canadian Physicians’ Pension Plan. If the next generation are employees of the corporation and there is […]
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The Retirement Savings Dilemma for Physicians in a 2024 Tax World
There are many concerns on the minds of Canadians. Health care and access to a Family Physician is atop that list. Many Canadians do not currently have a Family Physician and the Covid Epidemic shone a light on the shortage of physicians, nurses, and other health care professionals. Ensuring we retain these key individuals and […]
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Planning for Incorporated Professionals When Access to the Small Business Deduction is Reduced in Partnerships
Over the past several decades, different professional associations have moved to allow their members to incorporate. Incorporation can allow for many tax advantages, however the rules governing these corporations differ. For example, incorporated physicians and dentists are allowed to have family members as shareholders. This can allow for family members to be named shareholders and, […]
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Individual Pension Plan: Core Planning for Business Owners and Incorporated Professions
Individual Pension Plans have been in existence for decades. An Individual Pension Plan (IPP) is an alternative to RRSPs where business owners, incorporated professionals, and their family members who are employees, can participate in a self-directed defined benefit pension plan akin to what public sector employees receive. An IPP allows for significantly higher funding than […]
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2023 IPP and RCA Application Deadlines
The end of 2023 is approaching much faster than we think. Many Business Owners and Incorporated Professionals have much clearer ideas as to what their corporate profits will be and are in the need of meaningful deductions to manage both corporate and personal taxes. With so many tax strategies being muted or closed due to […]
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GBL and Pension Strategies Inc.
Actuarial Evidence, DB, News, IPP
GBL Celebrates Addition of Pension Strategies Inc. This merging under the GBL Brand will expand GBL’s Reach and Value Proposition to Business Owners, Legal Professionals, Corporate Defined Benefit Pension Clients, and Professional Corporations Calgary, AB: It is with great excitement that GBL announces its expansion of actuarial products, resources, and solutions with the addition of […]
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Incorporated Real Estate Agents: Tools to Maximize your Personal Real Estate Corporation (PREC)
In October 2020, the Province of Ontario joined British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, and Nova Scotia, in allowing Real Estate Agents to establish a Personal Real Estate Corporation (PREC), that would allow their remuneration from their brokerage to be paid to the PREC. Without a PREC, most Agents would receive T4A income. By receiving […]
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GBL: Innovation and Exceptional Service Personified
Business Owners, IPP, RCA, HAWP, FMV
As GBL celebrates its 26th anniversary, we reflect on our history and contributions to planning within Canada. In 1995, Gordon B. Lang, FCIA, FCA looked to reimage how Actuarial services could be marketed and administered to provide for a better client experience. There were two facets to this: Having a dedicated consulting arm to educate […]
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Succession Planning and the IPP: Keeping it in the Family
Canada’s economic prosperity has been built by the ingenuity of its entrepreneurs and their families, who create and grow their business and employ millions of Canadians. Whether it be a corner store, restaurant, a potato farm, or a brewery; the family business represents a massive form of employment and growth for our economy. According to […]
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CRA Releases Newsletter 21-1 Providing Conditions for IPPs and Designated Plans
On March 16th, 2021, CRA posted a newsletter that provides clarity under the Income Tax Act. A standard Individual Pension Plan (IPP) is considered a designated plan for connected persons and their family members under subsection 8300(1). The IPP has clear rules that govern it as a defined benefit plan for owner operators, which offers […]
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