KEY011 - Individual Pension Plans - Why
they are the best wealth accumulation
plans for business owners.
by Scott Plaskett
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Cathy: So, what's been going on?
Scott: Remember a few summers ago
when I told you about a book that I read
that was a real "game changer" for me?
Cathy: You've had a few of those. Which one are
you talking about specifically?
Scott: The book is called "Built To Sell". And the
author's name is John Warrilow.
Cathy: Oh yes, I remember. The one that
painted the picture about how to build your
business so that it's running so well that you
would have people contacting you regularly to
buy your business but because you are having
so much fun in your business that the reality is
you wouldn't want to sell.
Scott: That's the one. And INC. Magazine
rated the book as one of the best books in
2010 for business owners.
Scott: Well, I had dinner with John the other
night, then spent the next day in a strategy
session with him and a few other top Canadian
business owners to discuss some of the "Best
Practices" for building a business focused on
nothing but adding value to that business'
Scott: It was an amazing session and the
feedback when I presented our
trademarked KAIZEN Financial Planning
Process to the group was really
Scott: They all loved the completeness of it.
But most importantly, because they were
business owners, they loved the Corporate
Class Enhancement that we offer to our
Scott: And when I spoke to them about the use of
Individual Pension Plans for owners of small- to
medium-sized businesses, their heads almost
Cathy: Yes, IPP's are pretty amazing.
Scott: They are probably one of the most
misunderstood and underutilized tools available
to business owners.
Scott: So, that's what led me to the topic of
today's episode. You see when some of the
people in the session heard me speak about this
particular tool, the most common comment was,
why isn't there more information on IPP's
available? So, in true entrepreneurial fashion, I
will fill that need with this episode.
Cathy: Then let's get to it.
Are you an incorporated business owner?
Are you over the age of 40?
Do you earn more than $100,000 a year?
Are you serious about your wealth?
If you answered yes to these questions, you are
in for a great show.
I had a call with one of Canada's leaders in the
area of executive compensation strategies.
Dennis Serre, is the president of Serre
Financial. The go to firm for financial planners
to help them in the proper setup and
administration of complex compensation
You see, there are some amazing wealth
accumulation programs ideally suited to
business owners. However, setting them up
properly is a specialized service that very few
firms know how to do.
When you work with Small Business Owners
like I do, the last thing you want to do is
attract the attention of the Canada Revenue
Agency. So, we work with Serre Financial
because they offer CRA pre-approved plans
that are registered in advance with the CRA
so, as a business owner, you can get on with
what is important (growing your business).
My call with Dennis goes into great detail
into the area of Individual Pension Plans.
So, as I said, if you are a business owner and
are serious about your wealth accumulation,
you are going to love this call. So, let's get to it.
As a business owner, you are constantly on the
lookout for three, very important things.
First, you are always looking for ways of
generating new business. New business is the
lifeblood of your business and without it, well,
let's not even go there. Let's just say, it's
Secondly, you are always looking for ways of
keeping your business expenses down
because a $1 saved is an extra dollar of profit.
And as a business owner, profits are
And finally, you are constantly looking for ways to
save on taxes. One of the clear benefits of
running your own show is that you have some
amazing tax strategies available to you to help
keep your overall tax bill really, really low. So
keeping abreast of these tax strategies is
important. Really important.
Which is why you listened to this episode.
This episode explained how Individual Pension
Plans can directly help you with two of these
Here's what I mean.
Setting up an IPP allows you to convert
expenses you are already incurring, into legal,
tax-deductible expenses for your company., Remember, all the money you're paying
investment managers to manage your RRSP
portfolio currently, is not tax-deductible. And
this amounts to thousands and thousands of
dollars lost. Setting up an IPP allows you to
convert this into a tax-deductible expense. In
other words, there are free tax deductions
staring you right in the face.
And, setting up an IPP allows you to save on
taxes. And I mean save a lot on taxes. This
was discussed in the call with Dennis.
However, the question that you probably have
on your mind right now is - Well, how much
could I save? What's the benefit for my
So let me introduce to you the free, IPP
customized benefit report., If you go to our website,
www.keytoretirement.ca, you will find a
downloadable form that you can use to request
your free report., Simply download the data gathering form,
complete it with as much detail as possible, fax
or email it back to our office and we'll forward
you your free, customized IPP report.
Alternatively, you can call Scott directly at
416-626-6515 and he'll walk you through it., This report will show you whether or not you
could benefit from an IPP. There is no grey area
here. There either is a benefit or there isn't.
We'll tell you exactly how much so that you can
make an educated decision as to whether or not
an IPP is appropriate for you., So, go now to the show notes. Download the
form and order your free, customized IPP
report. You'll be glad you did.
This is The Key To Retirement Episode 11.