{"id":8442,"date":"2021-12-10T07:39:28","date_gmt":"2021-12-10T12:39:29","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/videos\/individual-pension-plans-ipps\/"},"modified":"2024-05-01T15:45:13","modified_gmt":"2024-05-01T19:45:13","slug":"individual-pension-plans-ipps","status":"publish","type":"rbcwm_video","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/videos\/individual-pension-plans-ipps","title":{"rendered":"Individual Pension Plans (IPPs)"},"content":{"rendered":"\n<div class=\"row wrap blockId-59e856c4-2a58-4f86-ae80-c3a7afa2d9ed\">\n<div class=\"wp-block-rbcwm-column col-md-12 col-lg-8\">\t\t<!-- Start of Brightcove Player -->\n\t\t\t\t\t\t<div style=\"display: block; position: relative; min-width: 0px; max-width: 690px;\">\n\t\t\t\t\t<div style=\"padding-top: 56%; \">\n\t\t\t\t\t\t<video-js\n\t\t\t\t\t\t\t\tid=\"6137034858001\"\n\t\t\t\t\t\t\t\tdata-video-id=\"6137034858001\" data-account=\"3187797751001\"\n\t\t\t\t\t\t\t\tdata-player=\"VBE5DE1mC\"\n\t\t\t\t\t\t\t\tdata-usage=\"cms:WordPress:6.9.4:2.8.8:javascript\"\n\t\t\t\t\t\t\t\tdata-embed=\"default\" class=\"video-js\"\n\t\t\t\t\t\t\t\tdata-application-id=\"\"\n\t\t\t\t\t\t\t\tcontrols   \t\t\t\t\t\t\t\tstyle=\"width: 100%; height: 100%; position: absolute; top: 0; bottom: 0; right: 0; left: 0;\">\n\t\t\t\t\t\t<\/video-js>\n\n\t\t\t\t\t\t<script src=\"https:\/\/players.brightcove.net\/3187797751001\/VBE5DE1mC_default\/index.min.js\"><\/script> \t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<!-- End of Brightcove Player -->\n\t\t<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-column col-md-12 col-lg-8 mt-3\">\n<p class=\"has-text-align-center heading-4\"><em>\u201cFor incorporated business owners or professionals, or key employees, an IPP may be beneficial for enhancing retirement income.\u201d<\/em><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbcwm-column col-md-12 col-lg-8 rbc-block-spacer-t-sm\">\n<div class=\"wp-block-rbcwm-expandable-block rbc-expandable\">\n<div id=\"95a\" class=\"wp-block-rbcwm-expandable-block-title rbc-expandable-trigger rbc-expandable-arrow-wrap\"><button aria-expanded=\"false\" aria-controls=\"95a-content\" data-target=\"95a-content\" data-duration=\"400\" class=\"rbc-expandable-trigger-button\">\n<h3 class=\"wp-block-heading h4\" id=\"h-\"><\/h3>\n<span class=\"rbc-display\" data-open-text=\"View transcript\" data-close-text=\"View transcript\">View transcript<\/span><div class=\"rbc-icon rbc-expandable-arrow rbc-expandable-arrow-right\"><i class=\"rbc-icon-img fal fa-angle-down\"><\/i><\/div><\/button><\/div>\n\n\n\n<div id=\"95a-content\" aria-labelledby=\"95a\" class=\"wp-block-rbcwm-expandable-block-content rbc-expandable-content rbc-expandable-content-inner-style content-95a1f314-0674-4eea-ac17-7c6290fe51e2\"><div class=\"rbc-expandable-content-body\">\n<p>Are you an incorporated business owner or professional receiving T4 income while contributing to an RRSP?<\/p>\n\n\n\n<p>If so, you may want to consider an Individual Pension Plan (or IPP).<\/p>\n\n\n\n<p>An IPP is a defined benefit pension plan your company can set up for you.<\/p>\n\n\n\n<p>An IPP is ideal if you\u2019re between the ages of 40 and 71, earning T4 income, and have owned your company for several years.<\/p>\n\n\n\n<p>With an IPP, you can make higher annual contributions than an RRSP&#8230;<\/p>\n\n\n\n<p>&#8230;and gain the ability for your company to make a large tax-deductible past- service contribution.<\/p>\n\n\n\n<p>In addition, the company can make a top-up contribution if IPP assets fail to grow by 7.5% per year with adjustments.<\/p>\n\n\n\n<p>Here\u2019s a chart showing a comparison of IPP funds versus RRSP funds for someone who is 50 years old, with 23 years of past service.<\/p>\n\n\n\n<p>As you can see, the ability to make a large past-service contribution, along with the increased annual IPP contributions, result in a higher registered plan balance.<\/p>\n\n\n\n<p>While IPPs do involve more complexity and have higher annual fees than RRSPs, the fees are fully tax-deductible.<\/p>\n\n\n\n<p>Consider having your RBC Wealth Management advisor run a customized IPP illustration, and then speak with your advisors to determine if an IPP is right for you.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":11,"featured_media":0,"template":"","meta":{"_acf_changed":false,"editor_notices":[],"rbc_url_alias":"videos\/individual-pension-plans-ipps","footnotes":""},"categories":[247],"tags":[],"class_list":["post-8442","rbcwm_video","type-rbcwm_video","status-publish","hentry","category-wealth-protection"],"acf":{"rbcwm_subtitle":"Tony Maiorino, CFP, PFP, Vice President and Director, Head, RBC Family Office 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