Over the past 30+ years in financial services I have developed an expertise in Individual Pension Plans (IPPs). I take great pride in my ability to explain IPPs – how they work, their benefits and why they can be an excellent retirement saving plan for business owners and incorporated professionals. I support advisors together with other professionals such as accountants and financial planners to ensure that we identify IPP candidates, explain their benefits and implement a plan seamlessly.With Westcoast Actuaries Inc. I work with advisors to help them grow their business and deepen their relationships with clients. My focus is to educate advisors about IPPs so together we can identify business owners and incorporated professionals who could benefit from the enhanced retirement savings that IPPs bring.Why Are Individuals Using IPPs? • An IPP will typically can provide $250k to $1.5MM more deducible contributions than an RRSP over its lifetime • Annual contributions are 30% to 50% higher than RRSPs • Optional lump sum contribution opportunity upon retirement of $250k to $1MM • Ability to make contributions to make up for market related shortfalls • Contributions, administrative, actuarial, and investment fees are tax deductible • Eligibility for Income Splitting with spouse after age 50 as opposed to age 65 for RRSPs • Opportunity for estate and succession planning strategies to maximize tax efficiency • Creditor ProtectionExciting News in OntarioOntario Bill 213 was passed into law after receiving Royal Assent in early December 2020. This legislation includes exemptions for certain IPPs. More specifically the exemptions allow for:• Simpler administration with FSRA, Ontario’s pension regulator• Elimination of the annual $750 pension fee paid to the regulator• Significantly lower actuarial fees from Westcoast Actuaries Inc.• Considerable flexibility with contributions to the IPP• No Locking-in of IPP moniesLet’s connect so I can tell you more.