Vice President, Senior Investment Counsellor
BMO Private Wealth
BMO Private Wealth
595 Burrard Street- 9th Floor
Vancouver, BC, BC
An Individual Pension Plan (“IPP”) is a defined benefit pension plan that is designed for high-income earning executives, small business owners, and incorporated professionals, such as doctors, dentists, and lawyers. An IPP allows eligible individuals to accrue retirement income on a tax-deferred basis and is an excellent way to increase your retirement nest egg, as contributions are higher than those available through a Registered Retirement Savings Plan (“RRSP”). An IPP is most suitable for individuals between ages 40 and 71 who have T4 earnings generally greater than $154,611 in 2020.
Statistics show that family enterprise is the most common form of business ownership in the world. In Europe and Asia, some businesses have been family owned for 10+ generations, or several hundred years. In Canada, it is estimated that some 60% of the GDP is driven by family enterprises that employ more than 6 million people. Ironically research on family business has only gained significant traction over the past 50 years.
A look at what happened in the equity markets over the past week and an update on the earnings reports.
Focus is a weekly financial digest.
Investing in a Registered Retirement Savings Plan (“RRSP”) is one of the soundest ways to ensure you enjoy a financially secure retirement. In order to maximize the benefits of an RRSP, it’s important to have a basic understanding of the rules that govern them.
A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement. Click to read on about how you can benefit from an RRIF.