Trusted Regina Insurance experts at Campbell and Haliburton Insurance Inc have been in the community for over 50 years. They know it is customer service and knowledge that counts when you are in need of an insurance company in Regina. Campbell & Haliburton Insurance, myCH.ca, dedicated insurance brokers in Regina, can assist you with finding the plan that works best for you. In their latest Campbell & Halliburton Regina Home insurance tip, they talk about going on vacation and your home insurance.
Whether it is a 3-day vacation in the middle of winter or the cruise of a lifetime, there are a few things you need to make sure you do before you leave on your vacation.
- Make sure you have a trusted friend check in on your home every 48 to 72 hours. This check-in consists of them walking into your home, and checking each room. Make sure that all windows and doors are still shut and locked, and that there are no puddles of water anywhere.
- Have them turn on a different set of lights each time they check your home, this helps make your home look occupied. Another choice is Digital Timers from Home Depot which turn your lamps on and off at programmed times.
- Make sure that your mail is brought into your home this also helps make your home look occupied.
- If it snows while you are gone, make sure that someone shovels the snow or drives up and down your driveway a few times and walks up to the front door.
- As your friends are checking your home, have them keep a log of anything that may not look normal. If you ever have to make an insurance claim, this can be helpful.
Extended Leaves
If your vacation is going to be longer than a week you may want to think about the following items:
- Have someone move into your home while you are going to be gone.
- If that is not an option, then you should turn off your water and drain all your water pipes. There is nothing worse than coming home to freezing cold and busted water pipes.
- Still have a trusted friend come and check your home every 48 hours.
- Talk to your local insurance agents at Campbell & Haliburton about you being gone for an extended time. There may be different insurance coverages available for these situations.
Our Trusted Regina Insurance Agents at Campbell & Haliburton have your best interests and safety in mind and our commitment to customer service is one of the pillars of our business. They know insurance inside and out, so please get in touch with them for all of your insurance needs and they will be more than happy to help ensure what you value most is protected. **This is a general overview. There are many different insurance companies, and there are always differences in insurance policies. For specific details on your policy and coverage, we recommend that you contact your agent or broker.
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.
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 income.
The Wealth Building Toolkit: Corporate Income
Here you are, ready to retire, and you’re
getting all your ducks in a row: assessing your RRSP to RRIF options, seeing
how you can maintain OAS through the household, and you have spent your career
building wealth in a corporation so that’s a major tool in your kit.
The first and most interesting thing is
that, by definition, assets built in your corporate investment account are
going to be retained earnings which means you’ll be paying yourself dividends.
The upside of dividends is that you also get a dividend tax credit.
The benefit of dividends is this: let’s say
you were targeting this $95,000/yr of net income. From my last blog, we know
you’d need to take approximately $130,000 of gross income to provide that net
of taxes. A non-eligible dividend to make the same $95,000 net income needs to
only be $120,000 - dividends allow for more tax-advantaged income for sure and
the saving of $10,000 in this case.*
Another option is to use a life insurance
policy. If a corporation were to own a policy with the shareholder as life
insured, there could be a cash value built up in the policy against which a
loan could be set up to be settled upon the passing of the shareholder. As the
insurance policy is not required to declare gains for tax purposes year over year,
this tax deferral can lead to larger amounts within the policy and more money
available for a loan.
You’ve noticed I keep referencing ‘tools’
throughout this series. That’s because you can’t screw a screw with a hammer, and
you can’t drive a nail with a saw. I mean, I suppose you could do those things
but let’s attempt a little efficiency here! I think of retirement planning as
exactly this, pulling out the right tool for the job. And in this example of
having a high level of corporate assets, insurance is a great tool to help
build that wealth to do the job of providing security of income in retirement.
In the next blog, we’re going to talk about
insurance in corporations again but from more of an estate planning perspective
- no surprise but insurance is very helpful in dealing with taxes in an
estate.
*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 RECOGNIZES OUR PARTNERS WHO HAVE BEEN TRUSTED FOR OVER 10 YEARS!
In this series of recognition articles, we continue to shine a spotlight on the businesses that have been Trusted Regina Partners for over 10 years. This year we recognize the partners that joined us in 2012. We want to thank them for TRUSTING our team, and we are identifying each of them individually for providing 10 years of OUTSTANDING service to the citizens of Regina and the surrounding area! This latest article celebrates and recognizes Chuck, Mike, Stephen, and the rest of the hard-working team at Wheatland Fireplace, Kitchen & Bath.
Better Living Begins Here
Wheatland is a locally owned family business with showrooms in both Regina and Saskatoon. They have a long history in Saskatchewan and are known for only bringing in the finest fireplace, bathroom, kitchen and outdoor living brands from across North America. When we first met the owner Chuck Le Page, back in 2011, they sold fireplaces, Jacuzzi spas, BBQs & smokers. Since then they moved away from hot tubs ( as they take up a lot of space ) and moved on to offering more amazing fireplaces, stunning Canadian-made bathroom products (show-stopping
baths,
showers,
vanities, and other bathroom furniture,
faucets,
sinks, fire-pits, fire tables,
BBQ's and smokers.
When you walk in you feel the warmth and comfort of their fireplaces and you can browse their stunning products in person. If you want ANYTHING from any of the brands they carry …they will order it, especially for you!
Established in 1982, With Humble Beginnings.
Wheatland began selling Glow Boy wood-burning fireplaces out of a garage, and they had local firemen installing the fireplaces for their customers. After noticing a significant demand for the product they were selling, two years later they decided to expand the business and move the operation to Regina.
In 1984, Wheatland Fireplace was established and soon became the leading, and now oldest, hearth retailer in Saskatchewan. In 1987 Wheatland opened a store in Saskatoon and both stores have had extensive and ongoing showroom renovations in the last few years to include a large range of bathroom and kitchen products.
Wheatland's founder is Chuck Le Page and his youngest son Mike Le Page ( pictured on the right in the Saskatoon showroom that is currently getting another amazing facelift) is the Saskatoon store manager, and he also oversees the Regina operation with the Regina store manager Stephen Moon.
In 2023 they will also be offering yard reno as additional services, everything from decks to pergolas. If you have seen some of their outdoor kitchen set up's we can assure you that you will understand how amazing their backyard transformations can be!!
BEST PRODUCTS AND OUTSTANDING SERVICE!
A quick Google will reveal Wheatland's stellar reputation, the customer feedback is consistently excellent and they are always in pursuit of excellence!
What Their Clients Say...
"We went to Wheatland fireplace because our older fireplace was not working well, we thought it needed to be replaced. We were prepared to pay $5,000+ for a new one. He told us we had a very good fireplace, as good as the new ones they make now. With their helpful advice and a few parts, ours is looking good and working perfectly - for $250.00. Thank you for your honesty and great help!" - Adele Ruschkowski
" I just bought my new SABER bbq from here. I am very impressed with the product they sold me. The service was incredible. They delivered it and setup the gas line. They even took my old and rusty bbq away for me. Thank you for the great experience. You have gained a future customer aswell. Cheers!" - Douglas Steadman
"When our clients take the time to share their satisfaction with us it really means everything to our team. We understand that long-lasting relationships are built on trust. Our team is so grateful for the loyalty of our wonderful customers. To provide good customer service, you need to know what you’re selling, inside and out. Our team understands how our product work and what sets them apart. We can answer most questions and we strive to provide 100% customer satisfaction." - Chuck Le Page
A word from Sara, the Trusted Regina founder, about her personal experience with Wheatland Fireplace, Kitchen & Bath.
I first met Chuck Le Page in Regina in 2011, I had heard about the business and went in to check out the showroom and the products. I was very impressed with what I saw and heard. That day Chuck was in the store and he was gracious enough to give me some time to explain the Trusted Directories concept, and to share why I thought they were a good fit. He really liked the idea and made the decision to sign up in both markets. Over time, I have been a customer and worked closely with Chuck and his son Mike. We now do additional marketing services for them at Trusted Marketing Services, and I am proud to promote and support such a wonderful local company and team. I can say hand on heart that if you choose a product from Wheatland they stand behind it and you will not be disappointed. Better living certainly does begin at Wheatland Fireplace, Kitchen & Bath! - Sara Wheelwright
Thank you for TRUSTING us Chuck & Mike at Wheatland Fireplace, Kitchen & Bath. You have provided 10 years of AMAZING service to the people of Saskatoon, Regina & area as a Trusted Saskatoon Partner in four categories - Fireplaces, Bathrooms, Kitchens, and Outdoor Living. We are proud to support you and to share that they have diligently upheld the 5 TRUSTED GUARANTEES of service.
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 how corporations are a fantastic tool for building wealth.
The Wealth Building Toolkit: Corporations
There are many tools that are useful
to build wealth. Virtually everyone has
access to account types such as RRSPs and TFSAs. These are accounts which have
special tax treatments such that we can reduce our overall taxation while we
are alive and accumulating wealth. Pensions and group RRSPs are also useful and
often an employer will give additional funds to these plans which is of obvious
benefit.
For those of us who are not employees
though, we may be able to use another tool - the corporation. If someone is
self-employed and legally able to have their corporation take their income,
this can be very helpful.
The key to using a corporation efficiently
is that the earnings a taxpayer has is not all required. Active income for a
small business conducted in Saskatchewan is taxed at a low rate of 11%. If a
person’s income level is high enough that they don’t require all of it, leaving
income behind in a corporation to invest may be much more efficient than taking
it all as income and then investing.
Let’s look at an
example:
John needs $95,000/year after tax for
lifestyle but earns $250,000/yr gross. If he took all this money, paid tax and then invested the
remainder, he’d have approximately $66,760* to invest at the end of the year.
If he were able to and chose to use a
corporation, however, he’d take $130,000 gross income from the corp and pays
approximately $35,000 in tax leaving $120,000 behind. 11% tax for taxes leaves
him with $106,800 for investing.
The difference of using a corporation in
this example leaves him with an additional $39,920 or 60% more money to invest
to build his wealth.
Clearly, corporations are a fantastic tool
for building wealth. The next blog is going to look at strategies to get this
money out of the corporation on a tax-advantaged basis.
*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.