The theme of attacking business owners and incorporated professionals has continued in 2024. The increase in the capital gains inclusion rate for corporations is expected to be fully implemented on June 25th, 2024. This new tax will significantly impact those saving up for retirement in their corporations.But don’t worry—it’s not too late to secure your retirement. It all starts with the Individual Pension Plan.
Discover the Power of Individual Pension Plans (IPPs)
If you’re a business owner or incorporated professional, IPPs can be an important tool to help you supercharge your retirement savings.
Individual Pension Plans are designed to provide the richest defined benefit pension in Canada, allowing your corporation to sponsor a pension plan with significant tax deductions for contributions while your investments grow tax-free. If you’re a business owner or incorporated professional aged 38 to 71, with strong cash flow and looking to tax shelter your wealth, you might want to seriously consider an IPP. With tax changes eroding traditional retirement strategies for business owners and incorporated professionals, Individual Pension Plans have become a valuable tool.
Advisors Can Help
In the world of retirement planning, we understand that tax laws and financial strategies can be complex. The challenge is maximizing your benefits in these ever-changing times. But here’s the thing: understanding the tools available is half the battle. Even when we’re aware, implementing these strategies can be overwhelming. At Moraine Wealth Advisory, we recognize the significance of comprehensive financial planning in securing your future. Our professional advisors can help you optimize your retirement strategy and protect against the effects of changing tax laws. Take the next step towards informed and resilient financial planning by watching the video on this page, and then book a call with us to ensure your financial future is secure.
