Individual
Pension Plan (IPP) Implementation Time Table
1.
Application for Registration (one month turnaround)
Within
one month of receiving
authorization from client to proceed with registration
and receipt of complete
information and payment of the initial annual fee, Westcoast
Actuaries Inc. will prepare all documents that require
execution and send a package to the client or the client's
representative, as specified. This
Package
includes the following documents:
- 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.
- 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
- Federal/Provincial
actuarial certification & commuted value basis, if necessary
After receipt of signed items,
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. 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.
