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RRSP and Individual Pension Plan

If you're planning for or near retirement, the decisions you make now can have a tremendous impact on your future security. To finance your retirement lifestyle, you'll need to choose the appropriate income options for your individual lifestyle. Remember, you may be relying on this income for the next 30 years or so.

Registered Retirement Savings Plan's (RRSPs) are personal retirement plans that are registered with the government to assist and encourage Canadians to save for their own retirement. RRSPs are not specific investments but a vehicle used to hold a wide variety of investments and shelter them from taxes. For example, some of these investments include but are not limited to:

  • Savings account
  • GICs
  • Term deposits
  • Mutual funds*
  • Segregated funds

Contributions to an RRSP are tax deductible and the funds inside an RRSP grow tax-free.

An Individual Pension Plan is a plan designed to put a business owner on equal footing with Public Sector Executive Pension Plans. It's simply a defined benefit plan set-up for one person – the owner of the business or a key employee in the business. Contributions are deducted as an expense to the corporation. In addition, past service contributions can be an attractive tax deductible lump sum at the onset of the plan.

M. Edward Powell Insurance Brokers Ltd. professionals will assist you in finding the best investment options available. With access to over 1,000 mutual funds and all mutual fund companies, we will implement an investment strategy that will match your risk tolerance and mitigate risk in challenging markets. Contact a Powell Insurance Brokers financial consultant today to create a plan that reflects your needs.

* Mutual funds are sold through Ten Star Financial Inc.