Canadian Retirement Income Calculator

There are five main phases of retirement:

1. Beginning the planning process
2. Implementing the plan and building the retirement fund
3. Monitoring progress
4. Approaching retirement
5. Retirement and distribution of assets

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Personal Pension Plan, under which a employer / incorporation makes contributions to a fund which will provide for a retirement pension defined in relation to an employee's compensation while a member of the plan. The employee earns a certain amount of this ultimate pension during each year of employment. Contributions to, and benefits from, this plan are subject to their own set of government limits however, under the right circumstances, they exceed what are available from an RRSP.

A Personal Pension Plan is a defined benefit pension plan registered with the federal government under the Income Tax Act and with the provincial government under the Pension Benefits Act with you as the only member. All contributions to such a plan are tax deductible to employer / incorporation and are not taxed until they are paid out. The Income Tax Act provides for such tax deferral, as long as the contributions are recommended by an actuary and are approved by the Minister. Once money is contributed to the plan it must be used for the benefit of the member or the member's beneficiary. No one else can get their hands on it, be they creditors or a government.

We assist in finding answers to few questions like these: -

1. What will my retirement look like?
2. How much retirement income will I need?
3. Where will my retirement income come from?

If you have further query please contact Canada Insurance Plan.