The FPP is a combination registered pension plan under section 147.1 of the Income Tax Act (Canada). The Family Pension Plan is a stable, creditor-protected solution that allows Canadian business owners, family enterprises, and incorporated professionals (such as doctors, lawyers, accountants, franchise owners and consultants) to reduce their risk and increase their wealth by enjoying the superior tax advantages of a pension plan
The Family Pension Plan (FPP) offers the immediate benefit of extra allowable contributions, as compared to an RRSP. That benefit becomes increasingly significant as it compounds, but is only one of the many advantages that the Family Pension Plan (FPP) delivers. Find out more about how the FPP fits within your existing retirement savings model.
| Age | ITI Financial FPP | RRSP | ☨Extra Contribution |
|---|---|---|---|
| 40 | $29,126 | $27,230 | $1,896 |
| 45 | $31,993 | $27,230 | $4,763 |
| 50 | $35,143 | $27,230 | $7,913 |
| 55 | $38,602 | $27,230 | $11,372 |
| 60 | $42,403 | $27,230 | $15,173 |
| 64 | $45,711 | $27,230 | $18,481 |
☨Legal Notice: Figures are based on tax laws and actuarial standards in effect as of January 1, 2020, and are for illustrative purposes only. Individuals should consult their professional advisors as to their own circumstances.