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Planning Services

Retirement Planning

The ability to retire from your dependence on work knowing you will forever have enough money to spend your retirement years as you choose. Retirement planning considers when you want to retire and the amount of income you will need to support the lifestyle you choose. We incorporate income from Canada Pension Plan, Old Age Security and workplace pensions. Our planning can project the probable income based on assumed rates of growth and inflation and can determine the annual savings goal required to reach the desired level of income security. Everyone should have a retirement plan.

Estate Planning

The ability to maximize the benefit you leave your family and the freedom to give what you want, to whom you want, when you want; while minimizing the amount of tax and fees that would otherwise erode the wealth you leave your heirs. With the province’s changes to the Estate Administration process and the higher level of accountability faced by executors today, estate planning is even more critical today than ever before.

Investment Planning

The design, implementation and management of the various investment products required to support one’s objectives for retirement and estate planning. Investment plans are designed to reduce or defer tax on investment income and maximize the returns within each individual investor’s risk tolerance and expectations. Portfolio design, monitoring and management is that much more necessary in our current low interest rate environment.

Education Planning

While most parents hope their children will get a post-secondary education, few do much planning to ensure there will be enough money to help cover the cost when the time comes. With the annual cost of college or university commonly between $15,000 and $25,000, it is very difficult for most families to meet these expenses without having saved for it first. There are different methods of savings for our children’s education and even different types of Registered Education Savings Plans (RESPs).

 Our planning services help parents design the best investment strategies and solutions to help ensure they will have the money they need to send their children to the college or university education they will need to seek their career of choice.

Financial Planning

Ties together the various planning strategies into a comprehensive program designed to meet all the financial objectives we have during our lifetime. It includes the ability to plan for a comfortable retirement knowing that your family will be financially secure should you die and your income is secured to you should you become seriously ill or disabled. It also makes provisions for debt management. Financial planning also uses strategies that can reduce the amount of income tax you pay now and in retirement.

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Are you or someone you know living with a disability? Are you aware that the Government of Canada has developmed a program that can provide you with thousands of dollars in grants and bonds that can be invested for your future financial security?

Yes, believe it or not, for the right people, this means free money from your federal government.

Although this program has been around since 2008, most people are still not aware of it or its benefits.

if you are a resident of Canada under the age of 60, have a Social Insurance Number and are eligible for the Disability Tax Credit, you are eligible to open a Registered Disability Savings Plan. If you are collecting CPP disability or ODSP, you are likely eligible.

The program has two funding elements - one which provides a "matching" grant on contributions you or someone else makes to the plan for you. For example, a $1,500 annual contribution would receive a $3,500 Canada Disability Savings Grant if your family income is under the maximum amount (currently approx. 90,000 annually). The plans, once opened, are eligible for up to a $1,000 annual Canada Disability Savings Bond even with no other contributions.

Someone starting a plan now or in the future is able to go back and claim for all grant and bond amounts they would have been eligible for since 2008. That means that most qualifying people would be eligible for ten years of bond payments - or $10,000, even if they were not able to add any other money to the plan

A RDSP is considered a long-term investment and there are restrictions on when you can withdraw monies to spend. However, considering the incredible benefits they provide, including "free money" from the federal government, everyone who is eligible should get some professional advice to see how these plans can significantly enhance their future financial security.

Furthermore, a parent, spouse or common-law partner can also open a plan for a qualifying beneficiary and manage it on his or her behalf.

If you or someone you know is living with a disability, they should be considering starting a RDSP. I have helped numerous clients estabish a plan and would love to help more people build their future financial security. Call me at 613-283-5510 or message me here to learn more.

Here is a link to the Mackenzie Financial page on RDSPs: www.mackenzieinvestments.com/en/products/rdsp

There are no fees to establish a plan, the savings grow free of tax and future withdrawals do not affect an ODSP payments. These plans are complex and the rules can be a challenge to understand. That's why I am here to help. Please share this with anyone you know who is living with a disability.
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