Because Your financial health matters
Traditionally, a well-conceived financial plan consisted of tax planning, various insurance matters, investing/portfolio management, and retirement/estate planning. For modern professionals, however, these disciplines and many more must be incorporated into the mix in a managerially and psychologically sound manner not counterproductive to individual components of the plan.
Professionals are unique from most people because they enter the workforce years later than their non-professional contemporaries, leaving fewer productive years and often beginning their careers with high levels of debt. Building a financial plan is the first key step in organizing your finances and making sure you are on track to meeting your investment and lifestyle objectives. A properly developed financial plan can help you set your priorities and allocate your funds accordingly. Most professionals will need to decide whether incorporation is the right choice for their practice, and those who are already incorporated will need to make sure they are maximizing their corporate strategies.
What is an IPP?
An Individual Pension Plan is a defined benefit pension plan – typically established for the benefit of one person. A spouse may join the IPP if employed by the same company. They are designed to maximize pension contributions under the Income Tax Act and deliver a lifetime pension beginning at the age of 65. Who are suitable IPP candidates? Incorporated business owners, incorporated professionals (eg. doctors, dentists, lawyers, accountants) and senior executives with the support of management. If you are a professional or know of a professional seeking financial guidance, know that Faheem Allidina & Associates is here to help.