Independent, objective, and unbiased advice isn’t easy to find in today’s financial marketplace. Most advisors you could meet with work for a financial institution, and have an obligation to recommend products produced by that institution.
We are different.
We are a financial planning and investment advisory firm specializing in finding our clients the right solution to their financial, retirement, estate and investment planning needs. As we are not employed by a financial institution, we are able to be independent and unbiased in arranging for our clients the best plan for their insurance or investment needs
We draw on decades of wisdom and experience in drafting individualized, customized plans designed to guide our clients to the achievement of their goals. We are associated with the Wealth and Insurance Solutions Enterprise (within Freedom 55 Financial, a division of London Life Insurance Company), a specialized segment of advisors focused on meeting the complex needs of affluent Canadians.
There are literally thousands of investment funds available in Canada. We do daily research through a variety of sources so we can provide our clients with the information, options and insights they need to make the best decisions regarding their investment portfolios. We are able to source dozens of banks, trust companies and credit unions in an effort to find our clients the most competitive GIC rates, and utilize Canada’s leading life insurance companies to ensure we can tailor the most appropriate insurance products for our clients’ financial security needs.
Call us today for a personal consultation – 613-283-5510
WHAT WE OFFER
Investment Services
Whether your objectives are preservation of wealth or building your future nest egg, Pankow Financial is here to help you. Especially if you don’t have an investment strategy yet, we can help you get started on your way to future financial stability. (Read more)
Planning Services
If you are currently retired or years away, reviewing your plan regularly makes sure all things are on track. With the ever-changing investment options and tax laws planning for retirement requires monitoring and regular updates to be sure you’re on top of things. (Read more)
Insurance Planning
We know that life insurance can provide some unique and valuable financial benefits, especially for those with dependents to support. It is often the best way to insure that your loved ones will be financially stable should you die prematurely. (Read more)
RECENT NEWS
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Pooled RESPs like Heritage Education Fund have numerous conditions and restrictions. People commonly invest in these plans when their children are young but may not be aware of the limitations. At Pankow Financial Solutions, we work with leading Canadian mutual fund companies to provide RESPs (Registered Education Savings Plans) to our clients that offer more flexibility, less restrictions and conditions and lower fees than in the traditional pooled plans like Heritage.
thestar.com
The new owner of RESP dealer Heritage Education says the company has ‘strong governance and management’ and that consumers who complained are a tiny fraction of its customer base.There are some great points in this article that are consistent with our professional experience. There are numerous factors that can affect one's financial security in retirement including longevity, health, inflation, investment returns, re-dependent children and more.
We are living longer and retirement income planning needs to consider all these factors into a financial security plan. Many retirees are hesitant to spend more early in retirement and may miss out on some of their lifetime bucket list items for fear of eroding their financial security.
Retirement income planning incorporates a variety of scenarios and factors and provides retirees or those approaching retirement with the clarity they require to truly enjoy their money. Or, if their financial security could be at risk in the coming decades, helps them understand the steps that should be taken to preserve their lifestyle.
Contact us to learn more.
The responsibilities of an executor are both demanding and difficult. For most executors, their "on the job" training is the only experience they have in dealing with the challenges of their role.
One of the key responsibilities is filing the deceased's terminal tax return and paying all outstanding taxes.
One opportunity not frequently leveraged is the opportunity to make a RRSP contribution after death in order to reduce the taxes otherwise payable from the estate.
Although an executor cannot contribute to the RRSP of someone deceased, the executor can contribute to a spousal RRSP and enable the estate to get the tax deduction.
Considering the possibility of additional income taxes the year of death, and considering the limited window of opportunity to reduce or eliminate those taxes, this is a strategy that can save the estate tens of thousands of dollars in tax.
We start accumulating RRSP room once we start working. As many Canadians cannot afford to maximize their annual contributions to their retirement savings, Canada Revenue Agency allows us to carry forward all unused RRSP room. After years of carry forward, it is not uncommon for people to have contribution room in excess of $100,000.
Executors can make the spousal RRSP contribution the year of death, or up to 60 days after the year of death, thereby creating a tax deduction against other income earned.
Professional advise may be needed to maximize the benefit of this strategy but it is something that should be considered when the opportunity is available.
New-found knowledge to ensure we continue to develop the understanding and skills needed to help our clients.
The role of an executor has never been easy. For most, it is a journey into a mysterious, challenging process at a very difficult time. As a Certified Financial Planning professional, estate planning is a process we use to help our clients maximize the value of their assets while reducing income tax and the estate administration tax.
The provincial government has long assumed that executors have been understating the assets of the deceased, and the overall value of the estate when navigating through the probate process knowing the greater the value of the estate, the higher estate administration tax. As a result, the rules were changed a few years ago, putting a greater burden on executors to provide a complete listing of the estate assets, and provide true, accurate and verifiable values to those assets. Misstating the assets or values could leave the executor or estate administrator open to fines or imprisonment.
In order to enhance our ability to assist our clients, guide them through this process and enable them to reduce the overall impact of tax on one's estate, I recently completed my Certified Executor Advisor Designation. This program will help me be of even greater assistance to clients as they prepare their estate plans or for executors, as they execute one's estate plans. While the estate administration process in Ontario serves an important purpose and there are times that it is necessary, there are benefits to avoiding this requirement when possible.
Although one's estate may be fairly complex throughout their lifetime when they own property, businesses, investment assets and valuable chattels, many seniors eventually sell or gift some of these more tangible assets as they move through retirement, simplifying their estates and eventually converting all of these to cash. We work with many clients who have followed a similar route through their retirement, eventually moving into an apartment or senior's residence. At this time, when appropriate, we can simplify their affairs even further, directing their assets to their heirs without the estate administration process and accompanying fees and taxes. Furthermore, if one can avoid the need for probate, it also avoids the potential need to keep an estate open for four years should the province decide to audit, assess or reassess and estate.
Effective estate planning can minimize or eliminate the estate administration tax, can ensure your assets go to whom you want, as efficiently as possible and can reduce the overall settlement process from years, to weeks.
While no one likes to discuss estate planning, we are all mortal. Taking the time now to plan your affairs effectively can give you the satisfaction of knowing you are maximizing the benefit of what you leave behind, and are reducing the effort, stress and responsibility your executor will face. Don't leave your estate planning to chance. Contact us to learn how we can help.
Implications of new probate rules in Ontario
advisor.ca
Valuing an estate for probate used to be relatively simple in Ontario: executors entered the total value of the estate on the probate application, signed an accompanying affidavit stating the valuatio...