Retirement and Pensions

As a small business owner, you are in charge of planning for your retirement. We understand the thought of individual pension plans, group retirement savings plans, and company retirement plans can make your head spin – along with everything it takes to run a business. 

When it comes to your personal and employee retirement plans, there are tools available to help make this process a little easier.

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Minimize penalties for keeping money in your company

There are tools available – from individual pension plans to assets from critical illness plans – to minimize penalties.

Questions about Personal and Employee Pensions

  • What options do I have for an individual plan?

    Finding the best private pension plans in Canada for you depends on your goals. If you pay yourself a salary, you may wonder how you can free those "trapped" earnings in your corporation. Establishing an individual pension plan can help with that. A private pension plan can allow you to release those trapped earnings and move them into a personal investment account. This account is tax-sheltered and turns into income once you have retired. We would call that a win-win. 


    A few notes to consider:

    • Typically, the right age to consider and assess the benefits of an individual pension plan is 45 years and older 
    •  Costs are required to open a private pension plan, with additional fees typically occurring every three years
    • Individual pension plans are similar to an extra-large RRSP; however, it comes with more complexity due to actuarial and filing costs


    Over time, you can structure your private pension plan to allow for certain other employees to join. Look at it this way, as younger employees begin to enter, it will extend the duration of the pension plan, ultimately increasing the benefits of the deferral of tax on the individual assets.  

  • What options do I have for group and employee pension plans?

    You already know that your employees are a significant contributor to the success of your business. But besides compensation, recognition, and the annual holiday party, there are other ways to value your staff. For example, providing your employees with a group retirement savings plan not only encourages them to begin planning for their retirement, but it will make both your current and future employees that much more motivated. We can help you navigate the options for an optimal employee pension plan.

Retirement and Pensions Team

Retire on your own terms

As with all financial strategies, suitability depends on your objectives and your values. Start by talking with an advisor that understands your goals and can match them to the best group or individual pension plan.

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