613-283-5510 info@pankow.ca

Value of Advice

Good Advice

We believe the best decisions are based on a clear and deep understanding of what you really want to accomplish. The best decisions cannot arise without a thorough analysis of the various options you have to choose from and that each option be designed to fulfill your most important objectives.

Every financial decision we make has an impact on other financial priorities. Owning a home may be more expensive than renting, but it builds equity and independence. Purchasing a new car may mean a loan payment for a number of years, but may be a good choice over maintaining an older vehicle that frequently requires service. An investment in life insurance is responsible decision to ensure your family’s financial future is secure, but spending too much on this financial security can mean less disposable income is available to put into savings for retirement or your children’s education. Putting all of your disposable savings into Registered Retirement Savings Plans may be your best move for retirement, but may be the first place you turn to if you become disabled and unable to work, and have no disability insurance to replace your lost earnings.

As a financial advisory firm, we spend the time necessary to understand our clients’ most important dreams and goals, while at the same time, work to ensure we also know what they worry about, what keeps them up at night and what financial security measures must be considered to cover these needs.

It is that fine balancing act where we can add the most value.

As an independent financial planning-based firm, we also have the ability to be completely objective with the recommendations we make, and work with a variety of Canada’s leading financial companies to formulate the best potential solutions for our clients. In a world where many advisors are employees of the financial institution they represent, objective choice is not always easy to find.

Unbiased, objective advice founded on wisdom, experience and a commitment to always put our clients’ interests first.

Let us help you.

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Pankow Financial Solutions Ltd
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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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