Trusted Tips and Resources
Find A Trusted Regina Business:

Trusted Tips & Resources

Trusted Regina Insurance Experts at Dusyk & Barlow Tip on Auto Insurance Coverage for Vehicles in Storage

21. Jan 2024 Ashlyn Regina Insurance, TRUSTED TIPS

Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all their clients. Their long-standing reputation in the community remains strong through maintaining high standards of excellence and ensuring that their clients' insurance needs are met.

They are Trusted Regina insurance experts!

Do You Have Proper Auto Insurance Coverage For Vehicles In Storage? 


Dusyk & Barlow Insurance Brokers Ltd. has two locations in Regina, SK. They are family-based, locally-owned Insurance brokers who have been involved in the Saskatchewan insurance industry since 1936. Insurance products they offer include auto insurance, including Saskatchewan SGI motor licensing services, home insurance, condo insurance, tenant insurance, travel medical insurance, commercial insurance, and bonding and surety services. Our latest article shares some important information about auto insurance for vehicles in storage.


Protecting Your Vehicle In Storage: Why Home Insurance May Not Be Enough

Your home is not just a place to live; it’s also where you store many valuable possessions, including your vehicle. If you have a garage, you might assume your vehicle is automatically covered by your home insurance while parked there. However, this isn’t always the case, especially in Saskatchewan. In this blog post, we’ll explore why your vehicle may not be covered by your home insurance when it’s in the garage, and we’ll discuss the importance of keeping your vehicle insured through your auto policy, even when it’s temporarily in storage.


Home Insurance and Vehicle Coverage

Home insurance is primarily designed to protect your home and its contents, not your vehicles. While it typically covers personal property, including items in your garage, it often has limitations regarding vehicles. In  Saskatchewan, home insurance may not extend coverage to your vehicle at all, even if it’s parked in the garage.


The Importance of Auto Insurance

Auto insurance is specifically tailored to protect your vehicles, whether on the road or in storage. It provides coverage for various situations, including accidents, theft, vandalism, and damage that can occur in your garage or while your vehicle is parked. Even when your vehicle is not in use and temporarily stored, it’s crucial to maintain auto insurance coverage to safeguard your investment.


Auto Insurance While in Storage

In Saskatchewan, you can adjust your auto insurance coverage when your vehicle is unused. You can switch to a “storage” or “lay-up” policy, which is more cost-effective than standard coverage because it removes certain risks associated with active driving.

A storage policy typically covers:

  1. Comprehensive Coverage: This protects your vehicle from non-driving-related incidents such as theft, vandalism, fire, and natural disasters.
  2. Limited Usage: Some storage policies allow for minimal usage, such as moving your vehicle within your property or to a repair shop.
  3. Theft and Vandalism Protection: Comprehensive coverage under a storage policy ensures your vehicle is protected against theft and vandalism even when parked in your garage.

The Consequences of No Auto Insurance Coverage For Vehicles In Storage

Failing to maintain adequate auto insurance coverage while your vehicle is in storage can have significant consequences. You may be left without financial protection if an unexpected event occurs, such as a break-in or a fire that damages your vehicle. Repairing or replacing a vehicle can be a substantial expense; without insurance, you would have to cover these costs out of pocket.

While it may be tempting to assume that your home insurance covers your vehicle when it’s parked in the garage, this is not always the case. To protect your vehicle from various risks, including theft, vandalism, and damage, it’s essential to maintain auto insurance coverage even when your vehicle is temporarily in storage. Consider switching to a storage policy to reduce costs while protecting your valuable assets. Remember, being proactive with your insurance coverage is the best way to secure your peace of mind and financial well-being.

If you would like additional information, a quote on insurance, or information about any insurance products we provide, don’t hesitate to contact us at either of Dusyk & Barlow’s locations.


 “Protecting What’s Important Since 1936”

DUSYK & BARLOW INSURANCE BROKER  


Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all its clients. Their long-standing reputation in the Regina community remains strong through maintaining high standards of excellence and ensuring that their client’s insurance needs are met.

Trusted Regina Financial Advisors at Worby Wealth Management Explain Inflation

24. Mar 2023 Ashlyn Regina Financial Services, TRUSTED TIPS

Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they share details about inflation.

Inflation

By Jeremiah Worby - April 2023

Inflation is when you inflate your tires with air.  Inflation is also an economic term that refers to the increase in the price of goods over time. The latter will be the focus of this article.  This increase in prices can be caused by a variety of factors, including supply and demand as well as changes in interest rates or government policy.  Inflation can make it difficult for people to plan their finances effectively because they have less purchasing power with each paycheck. 

Break it down for me

Inflation is measured using the consumer price index (CPI).  CPI is a measure of the changes in the cost of living for consumers, including food, housing, transportation, healthcare and entertainment. The CPI measures price changes for all urban consumers by calculating average expenditures for each category.


Supply and Demand

The main factors that cause inflation are supply and demand.

Supply and demand are how much of a good or service is available, and how much people want to buy at any given time.  In economics, there is only so much money in circulation (the supply).  People will spend their money on goods and services, which creates an increased demand for those goods and services – and therefore an increased price for them.


Hard to Predict

Will Tom Brady be inducted into the Hall of Fame?  Some things are easy to predict.  Inflation is not one of them as it has a big impact on the economy.  When inflation rises, it's usually because the quantity of money has increased faster than the goods and services available for purchase.  In other words, there is more money available than there are goods and services in circulation.  As a result, companies may raise their prices in order to maintain profit margins or simply keep up with rising costs associated with production.

However, if companies raise their prices too much without enough corresponding demand for their goods and services – or not enough supply of them – then inflation will decrease as people will buy less from those companies or stop buying altogether for fear that prices will continue to increase over time.  The result is often called “stagflation” (a combination of "stagnant" economic growth coupled with inflation).

Inflation can also cause decreases in employment or increases in commodity costs such as food or fuel.  This can lead consumers' purchasing power down while putting pressure on businesses' profits by reducing demand for products thus increasing unemployment across sectors.  For example: If consumers spend less time driving to go shopping due to rising gas prices, then fewer products will be sold at grocery stores or department stores which would decrease profits.


Conclusion

Inflation is a complex topic, and this article only scratches the surface (it will not scratch that impossible to reach spot on your back).  It’s important to understand how inflation impacts your personal finances, but it also affects businesses and governments as well.  Inflation can be hard to predict and can have a big impact on the economy.  The two main factors behind inflation are supply and demand.  Inflation is generally caused by an economy growing too quickly and demand for goods outstripping supply.


Questions regarding inflation? 

If you have questions about inflation or what you can do to fight against it, then contact Worby Wealth Management to get your questions answered and start investing today.

 

Some of the services that Worby Wealth Management can help you with: 


TRUSTED REGINA FINANCIAL ADVISORs Chris & Jeremiah Worby from Worby Wealth Management help you live your dream!

 

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances.  This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc.  The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice.  Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.  Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

CONGRATULATIONS Dusyk & Barlow Insurance Brokers- Celebrating 10years as Trusted Regina Insurance Brokers

5. Feb 2023 Trusted Regina Regina Insurance, Trusted Partner News, TRUSTED TIPS

CONGRATULATIONS, DUSYK & BARLOW INSURANCE BROKERS- CELEBRATING 10 YEARS OF TRUSTWORTHY BUSINESS PRACTICES IN REGINA 

TRUSTED REGINA RECOGNIZES OUR PARTNERS WHO HAVE BEEN TRUSTED FOR OVER 10 YEARS!


In this series of recognition articles, we continue to spotlight the businesses that have been Trusted Regina Partners for over ten years. Currently, we are recognizing the group of Partners that joined the Trusted Regina community in 2012. We want to thank them for TRUSTING our team, and we are identifying each of them individually for providing ten years of OUTSTANDING service to the citizens of Regina and the surrounding area! This latest article celebrates and recognizes Dusyk & Barlow Insurance brokers.

 “Protecting What’s Important Since 1936”

DUSYK & BARLOW INSURANCE BROKER  


Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all its clients. Their long-standing reputation in the Regina community remains strong through maintaining high standards of excellence and ensuring that their client’s insurance needs are met.


Dusyk & Barlow are proud to have provided insurance services to Regina and area residents since 1936, that's for over 87 years! The team prides itself on providing superior customer service and maintaining its reputation as a trusted and reliable locally-owned and operated Regina insurance business for the next 80 years! Their success is powered by their team of insurance experts, who take the responsibility of protecting you and your family very seriously. They live and breathe insurance and want to make sure you have peace of mind knowing your home, business, and family are adequately insured for all of life’s circumstances. 

Dusyk & Barlow has access to eight different insurance providers. This means that all the company’s brokers must constantly keep themselves up to date on what each insurer provides. Through Dusyk & Barlow’s website, clients can access many SGI services and obtain home insurance quotes. Their decades of experience prove particularly valuable for that purchasing insurance for commercial endeavours. The Regina brokers work with clients to determine what they feel they need to have insured versus how much risk they could feel comfortable assuming for themselves. Another bonus for Dusyk & Barlow’s commercial clients is that the company is licensed to provide insurance in all western provinces from B.C. to Manitoba. This is particularly valued by clients who open a business in Saskatchewan and later expand into other western provinces. 

FAMILY-OWNED REGINA INSURANCE BROKERS 


A quick Google and you will see many online reviews; the customer feedback is consistently excellent. They have many loyal clients who have been Dusyk & Barlow Insurance clinets for generations.

What Their Clients Say...


"I have gone to Dusyk and Barlow for 10 years, for all my home, auto, and rental property insurance needs. Amazing brokers who always works to find the best options for me, and all the staff are friendly, professional, and knowledgeable." A.J- Google


" All staff are very pleasant and easy to understand. When ever I need something, Jenna or another coworker goes over and above my expectations. Super convenient location! Have been with for about nine years and will stay as long as I'm in SK. Nice to see some businesses still have that personal touch." - Kevin Gwillim, Google

A word from Stephen Barlow


"We’re there to answer questions and make sure the client knows what to expect and what to do. We make sure the client is fully aware of how the process works and that they are doing everything right. We’d rather you ask a question now than after something happens and find out that something could have been done. We want to educate our customers, so they know exactly what they are getting. It may not always be the answer the client is looking for, but they can be assured when they leave here, they’ve got the proper information,” says Stephen. “It has served us well and still does going forward.”

    A word from Sara, the Trusted Regina founder, about her personal experience with Dusyk & Barlow Insurance.


"Dusyk & Barlow Insurance Brokers have been the Insurance brokers for Trusted for over ten years, and I have found the staff to be knowledgeable, courteous and super helpful. Stephen, Rob, Kendrick and the management team lead by example; they are a pleasure to deal with as clients and as a customer. This local family owned company has a huge heart and I am impressed with their ongoing commitment to supporting the Regina community. Dusyk & Barlow Insurance sponsor many local community initiatives, and in addition, they hold an annual pancake breakfast every summer, which started in 2011 and their Four Weeks of Christmas Cheer, where they choose four different local non profits /causes to contribute time and funds to over the Christmas season." - Sara Wheelwright 

Thank you for TRUSTING us, Stephen, Rob, Kendrick and the team at Dusyk & Barlow. The company has provided ten years of AMAZING insurance service to the people of Regina & area as a Trusted Regina Insurance Partner. We are proud to support you and to share that they have diligently upheld the 5 TRUSTED GUARANTEES of service. 


Trusted Regina Financial Advisors at Worby Wealth Management Explain Corporate Estate Planning

12. Jan 2023 Ashlyn Regina Financial Services, TRUSTED TIPS

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they discuss corporate estate planning. 

The Wealth Building Toolkit: Corporate Estate Planning

So you’ve used your corporation to build wealth and to provide a nice, stable income. At the end of it all, we all go the way we do and it’s time to consider the two inevitabilities in life: death and taxes. 

Upon the death of a shareholder, there is what we call a ‘deemed disposition’ of shares. This means that on the date of death, shareholders are considered to have sold their shares at whatever gain or loss they would incur at that time. Those shares are passed down to a new shareholder in accordance with a will or some corporate documents dictating who becomes the new shareholder. But regardless of what happens after, that shareholder has sold their shares on that date.

This can represent some problems. Let’s say no planning was done and the accounting was sloppy. If the shares were worth, say, $1,000,000 at the time of passing but had little to no cost base, that would be a $1M capital gain adding $500,000 to the income line of a taxpayer’s final tax return and a $208,000 best-case scenario tax bill.*

If the inheriting shareholder didn’t have the means to pay the tax bill and there were no other estate assets, they may have to take a dividend to pay the bill meaning they’d have to declare a $310,000 dividend to pay the tax for the dividend as well as to pay the tax for the estate - again, there are better ways to do this but it’s the least tax efficient way to manage the tax bill.

One of the ways to manage the tax bill is to own life insurance in the corporation yet again. There is a notional account called a ‘Capital Dividend Account’ that certain corporate activities create - one of which is a life insurance payout less the ACB of the policy. This ‘CDA’ allows for dividends to flow through to shareholders without attracting taxation. 

In our example above, if there was an insurance policy in the corporation which is triggered on death which is also when our deemed disposition occurs, there would be money made available to be removed from the corporation with no taxation. This could be used to pay the tax bill and provide tax-free money to remaining shareholders.

These past 3 blogs have shown the corporation as a wonderful tool for both reducing taxes while accumulating wealth, streamlining income for retirement purposes and then how to reduce tax burdens on death. It’s good when we can have all the tools in working condition!

*all personal tax calculations are estimates based on taxtips.ca tax calculator.


If you have questions about wealth building, contact Worby Wealth Management to get your questions answered and start investing in an RRSP, TFSA or other investment accounts today.

Some of the services that Worby Wealth Management can help you with: 


TRUSTED REGINA FINANCIAL ADVISORs Chris & Jeremiah Worby from Worby Wealth Management help you live your dream!

 

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances.  This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc.  The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice.  Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.  Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Trusted Regina Financial Advisors at Worby Wealth Management Provide Their Year End Financial Checklist

12. Dec 2022 Ashlyn Regina Financial Services, TRUSTED TIPS

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Jeremiah shares their year end financial checklist.


Year End Financial Checklist

by Jeremiah Worby 


It's near the end of another year. You've probably been busy planning parties, planning pranks, and soon to be attending holiday events, but there's one thing that needs your attention – your personal finances.  It's time to start reviewing how much money you have saved up for retirement and other important costs in life. 


HERE'S HOW 


Do you have any RRSP room left for 2022?

If your RRSP room is $10,000 and you have already contributed $6,000 to an RRSP this year, then that means you have only… hold on give me a minute here – carry the 9… oh yeah,  $4,000 of available room for 2022.

If you don't have any remaining RRSP room for 2022, then no other RRSP contributions can be made before year-end.  That being said, if there are other registered plans (e.g., a TFSA) that you haven't maxed out yet for this year, then it may still be worthwhile contributing what is needed to fill up your existing registered plans so long as doing so doesn't exceed their respective contribution limits.


Are your TFSA contributions up to date?

TFSAs are a great way to save for retirement. Straight from the Canadian government’s website, 



“The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. "

Unused contribution room from previous years carries forward to future years.  A quick check with your MyCRA account (or office Dwight – he seems to know everything) should let you know exactly how much TFSA room you currently have.



Have you funded your children's RESPs this year?

Whether you have two children or twelve, saving up for their education is a top priority for lots of families.  The biggest benefit of RESPs is that a grant from the Canadian government of up to $7,200 can be earned over the life of the plan.

The money in an RESP can be used for various education costs, not just for tuition.  There is no tax on the investment earnings as long as it remains in the plan.  Contributions are not tax deductible, however withdrawals called educational assistance payments are included in the student’s income.


Do you have enough life insurance coverage in case something happens to you?

Life insurance is an important part of financial planning.  The question is, do you have enough?  Pro tip: $100 Million is probably more than what you need.

You should consider getting life insurance coverage to protect your family from being left with financial burdens if something happens to you.

It's important to know how much coverage you need and what kind of coverage makes sense for your situation.  You can get a free life insurance quote by contacting Worby Wealth Management.


A review of personal finances at the end of the year makes sense

It’s a good idea to review your personal finances at the end of the year. This way, you can ensure that you are on track with your goals and make adjustments as needed.

You should review:

  • Your financial situation – How much debt do you have?  How much money do you have in savings?  What are your investments doing?  If there is anything that needs to be changed or improved, now is the time for it!
  • Your financial goals – What are some things that need improving?  Are there any new goals that could be set for next year?
  • Investments – Is your portfolio set up for long-term growth or short-term gain? Are your investment goals aligned with your time horizon and risk tolerance (e.g., saving for retirement vs. building wealth).  Have any recent market events caused you to rethink this part of your financial plan?  If yes, make sure to contact Worby Wealth Management for a free second opinion. 
  • Insurance coverage –  Does your current insurance cover all important aspects of your life (e.g., health care, disability income, burial expenses) while still being affordable?  What other types of coverage might make sense moving forward as life circumstances change (e.g., term insurance for those years while you’re still carrying a mortgage).

Conclusion

The end of the year is a good time to review your finances and make sure you're on track for the new year.  It's also a great opportunity to look back at the financial decisions you've made over the past 12 months and see if there might be room for improvement.  If so, now is the perfect time to make those changes!


Questions regarding your year end financial checklist? 

If you have questions about your year end financial checklist, then contact Worby Wealth Management to get your questions answered and start investing in an RRSP, TFSA or other investment accounts today.


Some of the services that Worby Wealth Management can help you with: 


TRUSTED REGINA FINANCIAL ADVISORs Chris & Jeremiah Worby from Worby Wealth Management help you live your dream!


 

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances.  This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc.  The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice.  Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.  Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Previous Posts

TRUSTED REGINA

CONNECT

ADDRESS

S & E Trusted Online Directories Inc
TrustedRegina.com
310 Wall St #209
Saskatoon, SK   S7K 1N7
Ph: 306.244.4150

GET THE APP

App Store Google Play
Trusted Websites: Trusted Saskatoon   |   Trusted Marketing Services
© 2024 Trusted Regina. All Rights Reserved.   |   Log in
Follow us on Facebook Instagram Linked In Twitter YouTube RSS Feed
Abex
Abex
Stevies
Sabex
NEYA
Website hosting by Insight Hosting