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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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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