Orooj Financial

1.What is Individual Pension Plan?

Individual Pension Plan is a tax-free retirement savings plan for a single individual. The plan sponsor should be an incorporated, active company.

2.Who should consider Individual Pension Plan?

An Individual Pension Plan is for business owners who have maximized their Retirement Savings Plan (RSP) contributions.

3.Benefits of Individual Pension Plan

The benefits of an Individual Pension Plan are many:

  • You have a predictable retirement income
  • Employees over 50 can have higher contributions than RSP limits
  • You are given pension contributions by the company for your years of service
  • IPP funds are protected from creditors
  • Expenses and fund contributions are fully tax deductible
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