613-283-5510 info@pankow.ca

Our Philosophy

Our Philosophy

Accumulating wealth doesn’t come easy. While most people would suggest they would love to retire early and travel the world, there is a big difference between a dream, and a goal.

In an age when too many people are hoping to rely on lottery winnings or inheritance to look after them later in life, Canadians are saving less and borrowing more. Half of working age people are living pay cheque to pay cheque and, while financial and retirement planning may be a priority, it often doesn’t get the attention it deserves. As a result, it often gets pushed to the back burner as time and money gets spent on shorter term needs and wants.

At Pankow Financial Solutions, we believe effective financial and retirement planning is important at all ages and can give people the clarity they need to make the best decisions with their money. We believe a well thought out, structured and disciplined investment plan can provide tremendous advantages and can lead to financial freedom later in life.

At the same time, we believe that financial security planning should not take a back seat to wealth accumulation plans. Too many things in life are not certain, and we all face the risk of serious illness, disability or premature death. We can quantify the impact of such events on one’s long-term financial plan, and help ensure that assets are preserved for their intention – financial freedom and retirement when, and how you want it.

We believe that we need to understand our clients’ dreams, goals, priorities and fears. This deep understanding enables us to design the most effective planning, and most appropriate solutions to our clients’ financial needs.

We don’t charge a fee for our consultations or our services. We are paid by investment and insurance companies as we manage your financial future. We believe we can add the understanding, clarity and value you are looking for in your next financial advisor and are willing to spend the time needed to create a meaningful, valued long-term relationship.

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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.
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