Ep.017: A Supercharged RRSP for Business Owners (Individual Pension Plan)

In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Tatenda Mawoyo about Individual Pension Plans (IPPs) and their benefits for incorporated business owners. They discuss the intricacies of setting up an IPP, who should consider one, the tax advantages, and the legal protections associated with these plans. Tatenda shares his journey from Zimbabwe to Canada and his experience at GBL, a firm specializing in actuarial services for business owners. The conversation also covers the importance of financial planning and collaboration with financial advisors to maximize retirement savings.

Topics Covered in this Episode:

00:00 Tatenda Mawoyo's Journey from Zimbabwe to Canada

05:10 Career Development and Transition at GBL

07:29 Understanding GBL's Mission and Services

10:18 Exploring Individual Pension Plans (IPP)

13:02 Who Should Consider an Individual Pension Plan?

15:51 The Mechanics of IPP Contributions

18:38 Tax and Legal Benefits of IPPs

21:11 Transitioning from RSP to IPP

23:48 Setting Up an Individual Pension Plan

30:32 Understanding Individual Pension Plans (IPPs) and Their Benefits

36:22 Contribution Mechanics and Strategies for IPPs

43:01 Investment Strategies for Maximizing IPP Contributions

49:51 Administrative Requirements and Considerations for IPPs

57:27 Options for IPP Assets at Retirement

58:49 Final Thoughts on Exploring IPPs for Business Owners

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Keywords

Individual Pension Plans, Retirement Savings, Tax Benefits, Financial Planning, Business Owners, Actuarial Services, GBL, IPP Setup, Investment Strategies, Retirement Planning