Individual Pension Plan (IPP) Implementation Time Table

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1. Application for Registration (1 month)
2. Time-Sensitive Implementation
3. Data Errors
4. Year-End Madness

• Board of Directors Resolution to establish pension plan
• CRA Form T510 (Application To Register A Pension Plan)
• Federal/Provincial Pension Registration Form, if necessary
• Federal/Provincial registration fee invoice, if necessary
• Individual Trust agreement, if necessary
• Member enrollment and beneficiary designation form(s)
• Service Agreement between the client and Westcoast Actuaries Inc.
• Westcoast Actuaries Inc.'s invoice for implementation fee
• Minimum Adequate Knowledge booklet
• Federal/Provincial actuarial certificates and summary of contributions, if necessary
• Plan document
• Initial actuarial valuation report
• CRA Form T1007 – Connected Person Information Return, if necessary
• CRA Form T1004 (Certification of Provisional PSPA), if necessary
• Application for registration letter to CRA
• Application for registration letter to federal/provincial regulator, if necessary
• Federal/Provincial actuarial certification & commuted value basis, if necessary

After receipt of signed items and fees, Westcoast Actuaries Inc. will then submit the complete Application for Registration by registered mail to the Registered Plans Directorate at Canada Revenue Agency and the federal/provincial pension regulator, if  applicable.

2. Time-Sensitive Implementation

WAI will complete the IPP package on a first-come, first-served basis. If an IPP package is required sooner than our standard turn-around time, one-time surcharges will apply as follows:

Select a month to view the surcharge timetable.

-Choose a Month- January Feburary March April May June July August September October November December

Submission of Full Data To Westcoast Actuaries Inc.	One-Time Implementation Surcharge
Less than 1 week before implementation deadline	None, because we won't do it.
Between 1 to 2 weeks before implementation deadline	100% of first year fee
Between 2 and 3 weeks before implementation deadline	50% of first year fee
Between 3 and 4 weeks before implementation deadline	25% of first year fee

3. Data Errors

Data submitted in error will result in a one-time surcharge to correct. The one-time surcharge is a minimum fee of $500. For your convenience, our Implementation Form asks you to specify the party to be invoiced for surcharges.

4. Year-End Madness

Note that we usually experience very high volume towards the end of the year.  To have a pension plan registered effective in a particular year, the Application for Registration must be submitted to Canada Revenue Agency by registered mail on or before December 31st.  In order for us to implement an IPP on a guaranteed basis, we must receive the authorization to proceed as well as full information by December 1st.  

If the request to implement an IPP or information necessary for plan implementation is received after December 3rd, we will do the best we can within the time frame allowed.  Financial advisors and potential clients should be aware of this limitation and that Westcoast Actuaries Inc. will try our best to get their plan registered effective during the year but we will not be able to guarantee such. 

We do not wish to give financial advisors / consultants / potential clients the impression that we will do special favours for them.  If we did, then we would be unfairly treating other financial advisors / consultants / potential clients who honour our 1 month advance notice requirement.

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