Why INTEGRIS is not a PRPP (Pooled Registered Pension Plan)?
The federal government has recently adopted legislation creating yet another new type of pension vehicle, the Pooled Registered Pension Plan.
INTEGRIS is NOT a PRPP. PRPPs are basically a locked-in RRSP invested by plan members. Under a PRPP the employer does not have any obligation to contribute.
The tax limits under the PRPP are the same as those applicable to RRSPs (in other words, inferior to those applicable to INTEGRIS.) Moreover, in the event of a decline in stock markets, there is no ability under a PRPP to make additional tax-deductible contributions to replenish the pension fund - INTEGRIS does. PRPPs are designed to assist small companies with modestly-paid employees who have not been saving for retirement through a tax-assisted plan. On the other hand, INTEGRIS is built for owner-operators and incorporated professionals who need a robust pension comparable to the pensions paid to teachers and civil servants.
What’s taxed and what’s not – Canadian Government Assistance Programs
INTEGRIS Pension Management Corp. has developed many business relationships with firms in the Canadian financial services industry over the past 8 years. Some are large investment management firms, insurance companies or accounting firms. Sometimes we come across niche service providers that fill a particular need for our clients outside of our core area of expertise.
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