A Tax-Planning Solution for Both Yourself and Your Clients
As an incorporated professional, the FPP may be an optimal fit for yourself or on a firm-wide level.
Moreover, it offers increased tax advantages to your incorporated and business-owner clients. By encouraging your clients to save through the FPP instead of an RRSP, accountants and lawyers are providing another tax-efficient way for clients to accumulate a sizeable nest egg for retirement with pre-tax dollars and allow for sizeable corporate tax deductions.
We work in collaboration as you prepare the pension accounting elements of the client’s corporate financial statements as a result of the move into a pension plan, and ongoing as we consider the yearly tax planning of the FPP.
The Family Pension Plan also provides for additional savings that complements any existing dividend splitting strategy that has been adopted by your client.