Key People
Many companies have key people and in time usually offer benefits, sometimes, in the form of a Private Health Services Plan PHSP and look to salary continuation plans or a health and welfare trust to provide disability benefits. Companies fortunate to have good key people concern themselves about what if the key person becomes disabled and purchase key person protection and later worry about retaining key people thus consider an Individual Pension Plan IPP or a Retirement Compensation Agreement.
Wise Financial Group Inc. assists businesses in Ontario with the above and can be reached toll free at
1-877-779-4731 or emailed info@companybenefits.ca.
| Individual Pension Plans | Retirement Compensation Agreement |
|---|---|
| Individual Pension Plans lPP are one option that should be considered for business owners and senior executives who have maxed out their RRSP contributions or who are looking for a solution. » Learn more |
When the Department of Finance first introduced new rules governing Retirement Compensation Arrangements (“RCA”) in 1986, adverse tax consequences associated with RCAs made taxpayers shy away from such arrangements.
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| Health and Welfare Trusts | Salary Continuation Plan |
| Health and Welfare Trusts are quite technical but on the other hand very effective for the business community. It is an excellent way to reduce taxes for many business owners.
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A Salary Continuation Plan is a method of grouping individual disability insurance policies, where the premium is paid by the company and is considered a tax-deductible business expense. » Learn more |
| Key Person Protection | Private Health Services Plan |
| Key people to a business are just that key to the business. Companies should at least go through the information process to evaluate what measures can be taken to protect a business from a key person becoming sick or having an accident. » Learn more |
A Private Health Service Plan (PHSP) is defined by Section 248 (1) of the Income Tax Act (ITA) and by Interpretation Bulletin No. IT-39R2.
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