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!

Is an RRSP the best thing to do to reduce my tax bill?

Taxes are a reality – we’re not going to get away from them anytime soon. So instead of thinking about avoiding them in any given year, we should think about reducing taxes over your lifetime. Really, it depends on your situation. If you see a raise coming down the line, it might be good to hold off on the RRSP or, if you are leaving your job soon and see a severance package coming, holding off is a good option there too. In these circumstances, a Tax Free Savings Account (TFSA) might be a better option. On the other hand, you may be reducing your hours or going on a leave of some sort in which case maxing out now might be the right option. There are also other options like Labour Sponsored Investment Funds (LSIF) – a currently popular one in Saskatchewan is Saskworks Venture – that gives an additional tax credit equal to 35% of deposit up to $5000/yr. So, again, there is no clear cut option. But, as I always say, I’d rather pay tax on money I have than not pay tax on money I don’t have!

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