KEY011 - Individual Pension Plans - Why they are the best wealth accumulation plans for business...

Get Started. It's Free
or sign up with your email address
KEY011 - Individual Pension Plans - Why they are the best wealth accumulation plans for business owners. by Mind Map: KEY011 - Individual Pension Plans - Why  they are the best wealth accumulation plans for business owners.

1. 04 In This Edition

1.1. In this edition of The Key To Retirement, I'm going to talk about Individual Pension Plans (IPP's) and why they are the best wealth accumulation solution for business owners.

1.2. And, in today's bonus segment we're going to show you how to get a FREE, customized report showing you how much of a tax-deduction you can create, virtually out of thin air, to save a boat load of taxes this year. This one report will clearly show you, in black and white, whether or not you should be exploring this amazing wealth accumulation plan further.

2. 05 What's New?

2.1. Cathy: So, what's been going on?

2.2. Scott: Remember a few summers ago when I told you about a book that I read that was a real "game changer" for me?

2.3. Cathy: You've had a few of those. Which one are you talking about specifically?

2.4. Scott: The book is called "Built To Sell". And the author's name is John Warrilow.

2.5. 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.

2.6. Scott: That's the one. And INC. Magazine rated the book as one of the best books in 2010 for business owners.

2.7. 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' clientele.

2.8. Scott: It was an amazing session and the feedback when I presented our trademarked KAIZEN Financial Planning Process to the group was really rewarding.

2.9. 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 business-owner clients.

2.10. 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 exploded.

2.11. Cathy: Yes, IPP's are pretty amazing.

2.12. Scott: They are probably one of the most misunderstood and underutilized tools available to business owners.

2.13. 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.

2.14. Cathy: Then let's get to it.

3. 07 Feature Segment

3.1. Are you an incorporated business owner?

3.2. Are you over the age of 40?

3.3. Do you earn more than $100,000 a year?

3.4. Are you serious about your wealth?

3.5. If you answered yes to these questions, you are in for a great show.

3.5.1. I had a call with one of Canada's leaders in the area of executive compensation strategies.

3.5.2. 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 programs.

3.5.3. 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.

3.5.4. 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).

3.5.5. My call with Dennis goes into great detail into the area of Individual Pension Plans.

3.5.6. 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.

4. 09 Bonus Segment

4.1. As a business owner, you are constantly on the lookout for three, very important things.

4.2. 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 important.

4.3. 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 everything.

4.4. 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.

4.5. Which is why you listened to this episode. This episode explained how Individual Pension Plans can directly help you with two of these three items.

4.6. Here's what I mean.

4.6.1. 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.

4.6.2. 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.

4.6.3. 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 situation?

4.6.4. So let me introduce to you the free, IPP customized benefit report. If you go to our website,, 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.

5. 01 Intro

5.1. This is The Key To Retirement Episode 11.