{"id":639,"date":"2025-06-02T09:43:58","date_gmt":"2025-06-02T13:43:58","guid":{"rendered":"https:\/\/legacymedadvisors.ca\/?page_id=639"},"modified":"2025-08-15T11:36:12","modified_gmt":"2025-08-15T15:36:12","slug":"individual-pension-plan","status":"publish","type":"page","link":"https:\/\/legacymedadvisors.ca\/fr\/about\/individual-pension-plan\/","title":{"rendered":"RRI"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#F9F8F6″ locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” min_height=”150px” min_height_tablet=”150px” min_height_phone=”0px” min_height_last_edited=”on|phone” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”margin-bottom: 0;” custom_css_main_element_phone=”margin-bottom: 0;”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_text_color=”#83754E” global_colors_info=”{}”]<\/p>\n

Individual Pension Plan (IPP)<\/h1>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row make_equal=”on” disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” positioning=”absolute” position_origin_a=”top_right” horizontal_offset=”5%” width=”45%” max_width=”100%” height=”100%” custom_css_free_form=”selector.et_pb_row {|| clip-path: polygon(150px 0, 100% 0, calc(100% – 150px) 100%, 0 100%);||}” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#09131E” background_image=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/individual-pension-plan_1.jpg” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ fullwidth=”on” disabled_on=”off|off|on” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_fullwidth_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/individual-pension-plan_1.jpg” alt=”Individual pension plan (IPP)” title_text=”individual-pension-plan_1″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_fullwidth_image][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#192D43″ locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”margin-bottom: 0;” custom_css_main_element_phone=”margin-bottom: 0;”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” background_layout=”dark” max_width=”1250px” global_colors_info=”{}”]<\/p>\n

An Individual Pension Plan (IPP) is a powerful tax-deferred retirement savings tool.\u00a0<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” background_layout=”dark” width_tablet=”100%” width_phone=”100%” width_last_edited=”on|phone” custom_margin=”50px||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n

An <\/span>Individual Pension Plan (IPP)<\/b> is designed for incorporated professionals \u2014 especially doctors and dentists \u2014 who are over 40 and earn a consistent high income through their professional corporation.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|tablet” _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||60px|||” custom_padding_tablet=”||8px||false|false” custom_padding_phone=”||8px||false|false” background_color_tablet=”#F9F8F6″ background_last_edited=”on|tablet” background_enable_color_tablet=”on” global_colors_info=”{}”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”a0005789-3392-4f16-a59f-7318aa06f8c3″ global_colors_info=”{}”]<\/p>\n

Here\u2019s a detailed breakdown of the key benefits<\/strong> of using an IPP for a doctor or dentist in Canada:<\/h3>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” global_colors_info=”{}”]<\/p>\n

1. Higher Contribution Limits Than RRSPs<\/h2>\n

[\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n

IPPs allow larger annual contributions<\/strong> than RRSPs, especially as you age.<\/p>\n

Contribution limits increase with age<\/strong> because they\u2019re based on pension formulas and projected retirement income.<\/p>\n

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Example:<\/h4>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”30px||||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#192D43″ custom_padding=”50px|5%|50px|5%|false|false” global_colors_info=”{}”][et_pb_number_counter number=”30,000-40,000″ module_class=”number-counter-dollar” _builder_version=”4.27.4″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#83754E” number_font_size=”38px” number_line_height=”38px” height=”38px” global_colors_info=”{}”][\/et_pb_number_counter][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ text_orientation=”center” background_layout=”dark” custom_margin=”||-8px|||” global_colors_info=”{}”]<\/p>\n

At age 50, you can contribute about $30,000\u2013$40,000\/year<\/strong> to an RRSP.<\/p>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#83754E” custom_padding=”50px|5%|50px|5%|false|false” global_colors_info=”{}”][et_pb_number_counter number=”45,000-55,000″ module_class=”number-counter-dollar” _builder_version=”4.27.4″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#192D43″ number_font_size=”38px” number_line_height=”38px” height=”38px” global_colors_info=”{}”][\/et_pb_number_counter][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ text_orientation=”center” background_layout=”dark” global_colors_info=”{}”]<\/p>\n

With an IPP, you might contribute $45,000\u2013$55,000\/year<\/strong> or more.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” background_image=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/04\/dcotors_footer-image_1.jpg” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” global_colors_info=”{}”]<\/p>\n

2. Fully Tax-Deductible to the Corporation<\/h2>\n

[\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n

All contributions to the IPP are paid by your corporation<\/strong> and are 100% tax-deductible<\/strong>.<\/p>\n

This includes:<\/p>\n

[\/et_pb_text][et_pb_text module_class=”ul-list-plus-dividers light full” _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”30px||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n

    \n
  • Annual contributions<\/li>\n
  • Past service contributions (if you incorporate after practicing for a few years)<\/li>\n
  • Special payments (e.g., for losses or terminations)<\/li>\n<\/ul>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” max_width=”350px” global_colors_info=”{}”]<\/p>\n

    3. Tax-Sheltered Growth<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

    Assets in the IPP grow tax-deferred<\/strong>, just like RRSPs.<\/p>\n

    Investment income is not taxed until the funds are withdrawn in retirement, when you may be in a lower tax bracket<\/strong>.<\/p>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/tax-sheltered-growth_1.jpg” alt=”Tax-sheltered growth” _builder_version=”4.27.4″ _module_preset=”c3e842d0-6822-4df3-9d81-ad5c702a4959″ module_alignment=”center” locked=”off” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” global_colors_info=”{}”]<\/p>\n

    4. Enhanced Retirement Security<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n

    An IPP is a defined benefit plan<\/strong>, meaning it provides a predictable retirement income<\/strong>.<\/p>\n

    You\u2019re not relying solely on market returns.<\/p>\n

    This makes it ideal for doctors and dentists seeking stable, pension-like retirement income<\/strong>.<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” max_width=”350px” global_colors_info=”{}”]<\/p>\n

    5. Past Service Contributions\u00a0<\/h2>\n

    [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”ec9ec38c-6712-465d-abe8-dfa3b47aa88e” locked=”off” global_colors_info=”{}”]<\/p>\n

    (Backdating)<\/p>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

    If you were previously self-employed or paid yourself salary before establishing an IPP, you may be eligible for past service<\/strong> contributions.<\/p>\n

    This can create a large upfront deduction<\/strong> (sometimes over $100,000).<\/p>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/past-service-contributions_1.jpg” alt=”Past service contributions (backdating)” _builder_version=”4.27.4″ _module_preset=”c3e842d0-6822-4df3-9d81-ad5c702a4959″ module_alignment=”center” locked=”off” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” max_width=”420px” max_width_tablet=”100%” max_width_phone=”100%” max_width_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

    6. Terminal Funding at Retirement<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

    When you retire, your corporation may be required to make a final lump-sum contribution<\/strong> (called terminal funding).<\/p>\n

    This can result in a significant final tax deduction<\/strong> and increase your pension benefits<\/strong>.<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” max_width=”350px” global_colors_info=”{}”]<\/p>\n

    7. Creditor Protection<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

    IPP assets are generally protected from creditors<\/strong>, unlike corporate retained earnings or open investments.<\/p>\n

    This adds a layer of security<\/strong> for doctors exposed to malpractice risks or legal claims.<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” global_colors_info=”{}”]<\/p>\n

    8. No Payroll Taxes or CPP on Contributions<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”margin-bottom: 0;” custom_css_main_element_phone=”margin-bottom: 0;”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ global_colors_info=”{}”]<\/p>\n

    Unlike salary (which incurs CPP contributions<\/strong>), IPP contributions are not subject to payroll taxes<\/strong>.<\/p>\n

    This results in cost savings<\/strong> and more money staying in the retirement plan.<\/p>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/no-taxes-on-contributions_1.jpg” alt=”No payroll taxes or CPP on contributions” _builder_version=”4.27.4″ _module_preset=”c3e842d0-6822-4df3-9d81-ad5c702a4959″ module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ fullwidth=”on” disabled_on=”off|off|on” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_fullwidth_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/no-taxes-on-contributions_1.jpg” alt=”No payroll taxes or CPP on contributions” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_fullwidth_image][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” global_colors_info=”{}”]<\/p>\n

    9. Corporate Asset Stripping Tool<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

    An IPP allows you to move money out of the corporation into a protected, tax-deferred environment.<\/p>\n

    This is helpful for reducing passive investment income inside the corporation (which can reduce access to the small business tax rate).<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”f2ce54e4-be8b-46e9-bcf6-b881f79bd6fa” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.4″ _module_preset=”fad0d7d3-f200-40ec-81f4-558e167d0575″ global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” position_origin_f=”center_left” global_colors_info=”{}”]<\/p>\n

    10. Estate Planning Options<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ custom_margin=”40px||0px||false|false” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” module_class=”align-center” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}” custom_css_main_element_last_edited=”on|tablet” custom_css_main_element_tablet=”margin-bottom: 0;” custom_css_main_element_phone=”margin-bottom: 0;”][et_pb_text _builder_version=”4.27.4″ _module_preset=”c0bc2bcd-b079-4ee0-9b11-a24cfb1bd9b2″ global_colors_info=”{}”]<\/p>\n

    IPPs can include survivor benefits<\/strong> and guaranteed payments<\/strong> to your spouse or estate.<\/p>\n

    If structured correctly, unused funds<\/strong> may pass on to heirs, or be used to purchase a joint last-to-die annuity<\/strong>.<\/p>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/estate-planning-options_1.jpg” alt=”Estate planning options” _builder_version=”4.27.4″ _module_preset=”c3e842d0-6822-4df3-9d81-ad5c702a4959″ module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

    Summary<\/h4>\n

    [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

    IPP vs RRSP for a Doctor or Dentist<\/span><\/h2>\n

    [\/et_pb_text][et_pb_code _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”50px||||false|false” global_colors_info=”{}”]\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
    Feature<\/th>IPP<\/th>RRSP<\/th>\n<\/tr>\n<\/thead>\n
    Annual Contribution Limit (50-year-old)<\/td>~$45,000\u2013$55,000<\/td>~$31,560<\/td>\n<\/tr>\n
    Paid By<\/td>Corporation<\/td>Individual<\/td>\n<\/tr>\n
    Tax Deduction<\/td>Corporate<\/td>Personal<\/td>\n<\/tr>\n
    Creditor Protection<\/td>Yes<\/td>Limited<\/td>\n<\/tr>\n
    Predictability<\/td>Defined benefit<\/td>Market dependent<\/td>\n<\/tr>\n
    Past Service Buyback<\/td>Yes<\/td>No<\/td>\n<\/tr>\n
    Terminal Funding<\/td>Yes<\/td>No<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” background_color=”#F3F4F5″ global_colors_info=”{}”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

    Ideal Doctor or Dentist Profile for an IPP<\/h2>\n

    [\/et_pb_text][et_pb_divider _builder_version=”4.27.4″ _module_preset=”8126410f-8a8b-4667-90fa-215077f451e1″ global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,1_5,1_5,1_5,1_5″ module_class=”hover-icon-row” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”40px||||false|false” custom_margin_tablet=”0px||||false|false” custom_margin_phone=”0px||||false|false” custom_margin_last_edited=”on|tablet” custom_css_free_form=”@media (max-width: 980px) {|| selector.et_pb_row .et_pb_column {|| width: 100%;|| margin-right: 0; || display: -webkit-box; || display: -ms-flexbox; || display: flex;|| -webkit-box-align: center;|| -ms-flex-align: center;|| align-items: center;|| gap: 30px;|| padding: 20px 0;|| }|| || selector.et_pb_row .et_pb_column:not(:last-child) {|| margin-bottom: 0;|| border-bottom: 1px solid rgba(131, 117, 78, .25);|| }|| || selector.et_pb_row .et_pb_column .et_pb_module {|| margin-bottom: 0 !important;|| }|| || selector.et_pb_row .et_pb_column .et_pb_text {|| flex-grow: 1;|| width: calc(100% – 80px);|| max-width: 100%;|| }||}” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_5″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/05\/icon_spouse.png” title_text=”icon_spouse” _builder_version=”4.27.4″ _module_preset=”default” width=”80px” width_tablet=”60px” width_phone=”50px” width_last_edited=”on|tablet” custom_margin=”||25px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”a0005789-3392-4f16-a59f-7318aa06f8c3″ header_3_font_size_tablet=”” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

    Age 45+<\/h3>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/05\/icon_payment-day.png” title_text=”icon_payment-day” _builder_version=”4.27.4″ _module_preset=”default” width=”80px” width_tablet=”60px” width_phone=”50px” width_last_edited=”on|tablet” custom_margin=”||25px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”a0005789-3392-4f16-a59f-7318aa06f8c3″ header_3_font_size_tablet=”” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

    Annual salary over $100,000<\/h3>\n

    (not dividend-only income)<\/p>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/05\/icon_loan.png” title_text=”icon_loan” _builder_version=”4.27.4″ _module_preset=”default” width=”80px” width_tablet=”60px” width_phone=”50px” width_last_edited=”on|tablet” custom_margin=”||25px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”a0005789-3392-4f16-a59f-7318aa06f8c3″ header_3_font_size_tablet=”” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

    Incorporated with consistent cash flow<\/h3>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/03\/icon_pie-chart.png” title_text=”icon_pie-chart” _builder_version=”4.27.4″ _module_preset=”default” width=”80px” width_tablet=”60px” width_phone=”50px” width_last_edited=”on|tablet” custom_margin=”||25px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”a0005789-3392-4f16-a59f-7318aa06f8c3″ header_3_font_size_tablet=”” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

    Wants maximized retirement savings and corporate tax efficiency<\/h3>\n

    [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/03\/icon_badge.png” title_text=”icon_badge” _builder_version=”4.27.4″ _module_preset=”default” width=”80px” width_tablet=”60px” width_phone=”50px” width_last_edited=”on|tablet” custom_margin=”||25px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”a0005789-3392-4f16-a59f-7318aa06f8c3″ header_3_font_size_tablet=”” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

    Prefers guaranteed income over market risk<\/h3>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”60px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjQzNiJ9fQ==@” button_text=”Get in Touch” _builder_version=”4.27.4″ _dynamic_attributes=”button_url” _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ fullwidth=”on” disabled_on=”off|off|on” _builder_version=”4.27.4″ _module_preset=”default” locked=”off” global_colors_info=”{}”][et_pb_fullwidth_image src=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/custom-ipp-vs-rrsp-projection_1.jpg” alt=”custom IPP vs RRSP projection” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_fullwidth_image][\/et_pb_section][et_pb_section fb_built=”1″ disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” background_color=”#192D43″ background_enable_pattern_style=”on” background_pattern_style=”pinwheel” background_pattern_color=”rgba(9,19,30,0.07)” background_pattern_size=”custom” background_pattern_width=”25vw” disabled=”on” global_colors_info=”{}”][et_pb_row disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” background_color=”#83754E” background_image=”https:\/\/legacymedadvisors.ca\/wp-content\/uploads\/2025\/06\/custom-ipp-vs-rrsp-projection_1.jpg” positioning=”absolute” position_origin_a=”top_right” width=”50%” max_width=”50%” height=”100%” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||||false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”|5%|||false|false” custom_padding_tablet=”|0%|||false|false” custom_padding_phone=”|0%|||false|false” custom_padding_last_edited=”on|tablet” custom_css_main_element=”margin-bottom: 0;” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” background_layout=”dark” header_2_text_align_tablet=”center” header_2_text_align_phone=”center” header_2_text_align_last_edited=”on|tablet” text_orientation_tablet=”center” text_orientation_phone=”center” text_orientation_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

    Would you like a custom IPP vs RRSP projection, or a PDF version of this summary?<\/h2>\n

    [\/et_pb_text][et_pb_button button_text=”Get in touch” button_alignment_tablet=”center” button_alignment_phone=”center” button_alignment_last_edited=”on|tablet” _builder_version=”4.27.4″ _module_preset=”79517e5e-04aa-428c-97ab-474afd56a006″ custom_margin=”80px||||false|false” custom_margin_tablet=”30px||||false|false” custom_margin_phone=”30px||||false|false” custom_margin_last_edited=”on|tablet” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|on|off” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”50px||50px||false|false” hover_enabled=”0″ sticky_enabled=”0″ locked=”off”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_column _builder_version=”4.27.4″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_text _builder_version=”4.27.4″ _module_preset=”254c1167-b58d-414c-aa76-12e4a7885e7e” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n

    This content is intended for general informational purposes only and does not constitute financial, legal, or tax advice. Individual Pension Plans (IPPs) are subject to specific rules and regulations under Canadian law, and the suitability of an IPP depends on individual circumstances. We are not tax advisors, and we recommend readers to consult with a qualified tax professional before making any decisions regarding pension planning.<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

    Individual Pension Plan (IPP)An Individual Pension Plan (IPP) is a powerful tax-deferred retirement savings tool.\u00a0An Individual Pension Plan (IPP) is designed for incorporated professionals \u2014 especially doctors and dentists \u2014 who are over 40 and earn a consistent high income through their professional corporation.Here\u2019s a detailed breakdown of the key benefits of using an IPP for a doctor or dentist in Canada:1. Higher Contribution Limits Than RRSPsIPPs allow larger annual contributions than RRSPs, especially as you age. Contribution limits increase with age because they\u2019re based on pension formulas and projected retirement income.Example:At age 50, you can contribute about $30,000\u2013$40,000\/year to an RRSP.With an IPP, you might contribute $45,000\u2013$55,000\/year or more.2. Fully Tax-Deductible to the CorporationAll contributions to the IPP are paid by your corporation and are 100% tax-deductible. This includes: Annual contributions Past service contributions (if you incorporate after practicing for a few years) Special payments (e.g., for losses or terminations) 3. Tax-Sheltered GrowthAssets in the IPP grow tax-deferred, just like RRSPs. Investment income is not taxed until the funds are withdrawn in retirement, when you may be in a lower tax bracket.4. Enhanced Retirement SecurityAn IPP is a defined benefit plan, meaning it provides a predictable retirement income. You\u2019re […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-639","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nIPP | LegacyMED Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/legacymedadvisors.ca\/fr\/about\/individual-pension-plan\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IPP | LegacyMED Advisors\" \/>\n<meta property=\"og:description\" content=\"Individual Pension Plan (IPP)An Individual Pension Plan (IPP) is a powerful tax-deferred retirement savings tool.\u00a0An Individual Pension Plan (IPP) is designed for incorporated professionals \u2014 especially doctors and dentists \u2014 who are over 40 and earn a consistent high income through their professional corporation.Here\u2019s a detailed breakdown of the key benefits of using an IPP for a doctor or dentist in Canada:1. Higher Contribution Limits Than RRSPsIPPs allow larger annual contributions than RRSPs, especially as you age. Contribution limits increase with age because they\u2019re based on pension formulas and projected retirement income.Example:At age 50, you can contribute about $30,000\u2013$40,000\/year to an RRSP.With an IPP, you might contribute $45,000\u2013$55,000\/year or more.2. Fully Tax-Deductible to the CorporationAll contributions to the IPP are paid by your corporation and are 100% tax-deductible. This includes: Annual contributions Past service contributions (if you incorporate after practicing for a few years) Special payments (e.g., for losses or terminations) 3. Tax-Sheltered GrowthAssets in the IPP grow tax-deferred, just like RRSPs. Investment income is not taxed until the funds are withdrawn in retirement, when you may be in a lower tax bracket.4. Enhanced Retirement SecurityAn IPP is a defined benefit plan, meaning it provides a predictable retirement income. 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Higher Contribution Limits Than RRSPsIPPs allow larger annual contributions than RRSPs, especially as you age. Contribution limits increase with age because they\u2019re based on pension formulas and projected retirement income.Example:At age 50, you can contribute about $30,000\u2013$40,000\/year to an RRSP.With an IPP, you might contribute $45,000\u2013$55,000\/year or more.2. Fully Tax-Deductible to the CorporationAll contributions to the IPP are paid by your corporation and are 100% tax-deductible. This includes: Annual contributions Past service contributions (if you incorporate after practicing for a few years) Special payments (e.g., for losses or terminations) 3. Tax-Sheltered GrowthAssets in the IPP grow tax-deferred, just like RRSPs. Investment income is not taxed until the funds are withdrawn in retirement, when you may be in a lower tax bracket.4. Enhanced Retirement SecurityAn IPP is a defined benefit plan, meaning it provides a predictable retirement income. 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