Posted under: IPP
Are you a business owner or incorporated professional considering an Individual Pension Plan (#IPP) for yourself?
Or are you an #advisor or #accountant considering one for your client?
The deadline for GBL to receive completed IPP applications for the 2025 #tax year is December 12th – roughly two months away.
Unlike with the #RRSP, which must be funded within the first 60 days of the new year; the IPP allows 120 days into the new year to fund for a 2025 deduction.
That said, despite this 120 day funding period, IPP applications must be received by CRA by December 31st, 2025 for the plan to be eligible for a 2025 deduction. To provide enough time to verify the information submitted in the IPP application, request potential missing info, draft the IPP documentation, obtain client and trustee signatures, submit to CRA, and offer a safety buffer, we have set December 12th as our target to receive completed IPP applications for the 2025 tax year.
If you are considering an IPP for yourself for the 2025 tax year, or are an advisor or accountant considering one for a client, now is the time to begin the process.
GBL will guide you through the process – Reach out to get started.
*If you don’t have all of your years of T4 income available at this time, we can start with ballparks for illustrative purposes.
IPP Illustration Questionnaire
Western Canada Contact (BC-MB): Tatenda Mawoyo
Eastern Canada Contact (ON-NL): Fraser Lang, CFP, CHS, CLU
