Trusted Regina’s Financial experts share their tip on RRSP season:

RRSP season is a great time of year for commissioned advisors. They are licking their chops waiting for you to run to them at the last minute to be sold another product to avoid tax, and they might sell you some insurance while they are at it...because why not! 

RRSP season rules:

- Be prepared before hand

- Don't let the tax tail wag the dog - do NOT do something you wouldn't do if it wasn't for the tax break

- Remember the deadline - March 3rd 2014

- Remember it can take time to move funds

- If you overcontribute by accident there is a $2,000 cushion (over this CRA hits you with a penalty)

RRSP Considerations & Opportunities:

- Do not forget this is deferring tax...you are going to pay this tax later when you withdraw from your RRSP

- If you have a company pension, farm income, land rental, rental property, or plan to work in retirement you may not actually be saving tax and should be using your TFSA.

- Think about contributing to your RRSP monthly rather than at the end of the year to take advantage of dollar cost averaging and avoid putting it on your line of credit.

- In Saskatchewan you have the choice between a regular RRSP or a Labour Sponsored Investment Fund (LSIF) which gives you an extra 35% tax back.

What is an RRSP? 

A Registered Retirement Savings Plan is a type of account for holding savings/investments in Canada. An RRSP is registered with the Government which allows your funds to grow tax free. Funds you place in your RRSP account are tax deductible when you move funds into the account, meaning you do not have to pay tax on the funds. Tax is charged on your RRSP once you remove it from the account in future years, preferably at a lower tax rate.

The main reasons individuals open RRSP accounts are:

- To save for retirement

- To take advantage of tax free growth in the RRSP

- Tax free contribution to your RRSP

- The ability to convert your RRSP to a Registered Retirement Income Fund (RRIF) which pays a monthly income like a pension in retirement

- Using a Spousal-RRSP to reduce tax and increase savings

- Savings for a house - utilizing the home-buyers plan (HBP)

- Savings for education - utilizing the Lifelong Learing plan (LLP

Trusted Regina’s Finance Experts -give them a call to see how they can work for you!

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a financial plan that is tailored to your specific needs and based on your individual situation.

Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!

Here Chris shares a tip on how to get the most out of your money:

Can your Dollar Multi-task?

In financial planning, we talk a lot about efficiency and finding the best way to achieve your goals. One question that is good is this one:

“What’s the best thing to do with my money? Invest? Pay down the mortgage? Save for a rainy day? Save for the kids’ education?”

Guess what? This is not a ‘yes or no’ question. What if you could do a bit of all of it.

Say you are someone who makes $75,000/yr. And let’s say you do what you’re supposed to and you save 10% - $7,500. What’s the best way to increase your net worth with this $7,500?

Let’s say you put this in your RRSP. That means you would have $7500 invested plus $2925 in tax return.

Let’s say you put this into your Registered Education Savings Plan – it will hold $2500/yr and get matched at 20% or $500 in this case.

You still have $425. You could put this in your TFSA or pay down your mortgage – whatever you like. But here’s the tally of what net worth you have added with this strategy:

$7500+$2925+$500=$10,925

That’s a 46% first year rate of return if you want to think of it that way!

And just a sample of the types of ideas we come up with when you do a financial plan with us. Call us today to get  the ball rolling.

Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a financial plan that is tailored to your specific needs and based on your individual situation.

Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!

Here Chris shares a great tip on how to maximize your RRSP:

RRSP season is around the corner! Let an RRSP account save you tax dollars this year, and provide steady growth for your retirement!

Registered retirement savings plans (RRSP) is a savings plan that allows you to save for the future on a tax-sheltered basis.

The first significant benefit of investing into an RRSP is the tax credit. The government creates incentives for households to save money for their retirement. So, your taxable income is reduced by the amount you contribute into an RRSP. (Up until a certain point).

The second benefit is that they allow an individual investor to defer their taxes into the future. Any growth on your investment (i.e.: interest dividends, capital gains) are not instantly taxable to you.

Paired with the tax benefits, other advantages of RRSP’s include: their availability to be used to buy your first home, through the Home Buyers Plan, they can be used to finance education, through the Lifelong Learning Plan which eliminates any taxable consequences on withdrawals.

One thing to keep in mind though is that an RRSP is a type of account – not an investment. It is up to you and the advice you receive to make sure it grows to its fullest potential.

With the deadline being March 1, 2014- call in to book your appointment today!

Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a financial plan that is tailored to your specific needs and based on your individual situation.

Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream! 

Here he shares his brush with critical illness:

I spent last Thursday in the cardiac waiting room at our local hospital. My father was having sextuple-bypass surgery at the age of 59. It was a shock to him and a shock to me.

He’s now considering his options. Fortunately, his work is not physically demanding so he’ll be able to get back to work sooner than if he did something more active but he’s got to reconsider his future. He has options and things will work out for him but I know people who don’t have options – they can’t work means they can’t pay their bills.

Another reality is that many times these heart attacks or cancer come right when a person is peaking – making the most money they have made in their lives, career right at the top – and the financial toll this takes on them is huge. RRSPs take a back seat to survival and, even when people do recover, they end up having to work longer or make major lifestyle cuts in order to keep going.

There is a solution called ‘Critical Illness’ insurance which pays out a lump sum upon a heart attack, cancer, stroke – a list of 25 illnesses. If you had a life-changing event in which you are facing 3 to 6 months off of work or need some money to seek medical attention elsewhere – anything you choose – do you have the money available?

Critical illness can be a solution. Personally, I believe in insurance to cover a need. I have this coverage and I believe everyone should at least consider it.

Please contact me to do a review of this coverage for you.

Call Chris Worby at  (306) 757-4747 ext 226  or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category   . Chris is a Trusted REGINA FINANCIAL EXPERT

Bergens are a local family business and from the moment you walk in the door you will be treated like family!

Bergens Auto Body Regina  are proud to have an amazing 80 Years Auto Body Experience, and they have been serving Regina Auto Body needs for over 30 Years....they have a loyal customer base that simply wouldn't think of going anywhere else. Bergen's are an SGI Accredited Regina Auto Body and Collision Repair shop, they offer courtesy cars to their clients and they specialize in foreign vehicles.

Here they share a great tip on Preparing an Emergency Kit for Your Car:

Slippery or snow-covered roads, reduced visibility and bitter cold: these are all conditions that can make driving difficult and even dangerous during cold weather months. Winter also brings an increased risk of getting stuck in your car, so dress warmly before heading out.

Follow these tips to learn about winter driving risks and prepare an emergency kit for your car.

Exercise extra caution when driving in these winter road conditions:

• Blizzards: The most dangerous of winter storms, combining falling, blowing and drifting snow, winds of at least 40 km/h, visibility less than one kilometre and temperatures below -10°C. They can last from a few hours to several days.
• Heavy snowfall: Refers to snowfalls of at least 10 centimetres in 12 hours, or at least 15 centimetres in 24 hours; accumulation may be lower in temperate climates.
• Freezing rain or drizzle: This can lead to ice storms, with ice covering roads, trees, power lines, etc.
• Cold snap: Refers to temperatures that fall rapidly over a very short period of time, causing very icy conditions.
• Winds: They create the conditions associated with blizzards, and cause blowing and drifting snow, reducing visibility and causing wind chill.
• Black ice: Refers to a thin layer of ice on the road that can be difficult to see or can make the road look black and shiny. The road freezes more quickly in shaded areas, on bridges and on overpasses when it is cold. These areas remain frozen long after the sun has risen.
• Slush: Wet snow can make for slushy roads. Heavy slush can build up in the wheel wells of your vehicle and can affect your ability to steer. Large trucks and buses can blow slush and snow onto your windshield, leading to a sudden loss of visibility.

Follow these tips if you are stuck in the snow:

• Try to stay calm and don't go out in the cold. Stay in your car: you will avoid getting lost and your car is a safe shelter.
• Don't tire yourself out. Shovelling in the intense cold can be deadly.
• Let in fresh air by opening a window on the side sheltered from the wind.
• Keep the engine off as much as possible. Be aware of carbon monoxide poisoning and make sure the exhaust pipe is not obstructed by snow.
• If possible, use a candle placed inside a deep can instead of the car heater to warm up.
• Turn on warning lights or set up road flares to make your car visible.
• Turn on the ceiling light; leaving your headlights or hazard lights on for too long will drain the battery.
• Move your hands, feet and arms to maintain circulation. Stay awake.
• Keep an eye out for other cars and emergency responders. Try to keep clothing dry since wet clothing can lead to a dangerous loss of body heat.

Prepare an emergency car kit

Always have winter safety and emergency equipment in your car. A basic car kit should contain the following:

• Food that won't spoil, such as energy bars
• Water—plastic bottles that won't break if the water freezes (replace them every six months)
• Blanket
• Extra clothing and shoes or boots
• First aid kit with seatbelt cutter
• Small shovel, scraper and snowbrush
• Candle in a deep can and matches
• Wind‑up flashlight
• Whistle—in case you need to attract attention
• Roadmaps
• Copy of your emergency plan

Items to keep in your trunk:

• Sand, salt or cat litter (non-clumping)
• Antifreeze and windshield washer fluid
• Tow rope
• Jumper cables
• Fire extinguisher
• Warning light or road flares

Print or download the Emergency Car Kit list. Cross items off the list as you put them in your car.

Follow us on Twitter for helpful tips on emergency preparedness: @Get_Prepared

To learn more about road safety and winter driving, visit Transport Canada.

Bergen's AutoBody & Collision Centre are TRUSTED REGINA AUTO BODY EXPERTS...and they are waiting to help you. Fan them on Facebook here and be assured that they will look after you ..you can TRUST them..we Guaranteee it!

 Bergens