Trusted Tips and Resources

Trusted Tips & Resources

Ready To Retire? Trusted Regina Financial Advisors at Worby Wealth Management Share Their Advice

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 & Jeremiah Worby will do their best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Let Trusted Regina Financial Advisors Chris & Jeremiah Worby of Worby Wealth Management help you live your dream!

Expert Financial Advice Regarding Retirement.



Retirement Considerations


One of the biggest financial questions on everyone’s mind is whether or not they will have enough money to retire?  Not only do savings and investments need to be taken into the equation, income and expenses also need in-depth analysis.

 

Income*

 
Old Age Security (OAS)


The OAS pension is a monthly pension payment payable to eligible individuals.  OAS pension benefits are considered taxable income. To be eligible for full payment, you must:

• be 65 or older

• be a Canadian citizen or legal resident of Canada at the time of application approval

OR

• if you no longer live in Canada (a non-resident), you were a Canadian citizen or legal resident of Canada on the day preceding the day of departure from Canada

• have lived in Canada for a minimum of 10 years (or 20 years for non-residents) after reaching age 18

Individuals who have lived in Canada for 40 years after the age of 18 are eligible for 100% of the OAS pension benefit.

 

 

Canada Pension Plan (CPP)


CPP program benefits, except for the death benefit, are indexed annually for increases in the cost of living.  In order to receive CPP program benefits, eligible individuals must apply.  Benefits are not automatically paid once someone reaches the age of eligibility.  Applications are accepted via two methods; online through the My Service Canada Account, or via paper forms mailed to the applicable Provincial CPP office.

You can start receiving CPP as early as age 60 (at a reduced rate) and as late as age 70 (at an increased rate).  The maximum CPP payment in 2022 is $1,253.59 a month.

 

Tax Free Savings Account (TFSA)

The tax-free savings account (TFSA) provides a way to earn investment income tax-free.  Whereas other registered accounts allow the deferral of tax on income earned within the plan; the TFSA is unique in that any investment income earned within the plan is tax-free when it is withdrawn.  In order to open a TFSA account, you must have reached the age of majority, defined as age 18 or 19, for the province or territory in which you live.  The types of investments permitted in a TFSA include cash, mutual funds, securities listed on a designated stock exchange, guaranteed investment certificates (GICs), bonds, and certain shares of small business corporations.

The annual TFSA dollar limit was established at $5,000 in 2009, the year that TFSAs were introduced as a registered account.  Any unused amounts are carried forward to future years.  The $6,000 contribution room for 2022 means the lifetime contribution limit is now $81,500.

 

Registered Retirement Savings Plan (RRSP)


A registered retirement savings plan (RRSP) is a type of registered savings plan set up underthe Income Tax Act and registered with the Canada Revenue Agency.  An RRSP is not an investment; you cannot buy an RRSP. Instead, an RRSP is a registered investment vehicle within which investors can deposit various types of investments.  In order to contribute to anRRSP, an individual must have earned income.

The growth of money invested inside an RRSP is not subject to tax until it is withdrawn.  In other words, the tax payable on investment growth is deferred until the future.  Since income earned inside an RRSP is tax-sheltered, RRSP investments grow much faster than non-registered investments held outside an RRSP.


Find out more

Whether you’re 30 years away or just a few months from retirement, proper retirement planning is essential. Contact Worby Wealth Management to start planning your retirement today.

 

*Source: Canadian Investment Funds Course




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

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!



The Trusted Regina Team are Thrilled to Introduce you To Artemis Homes A Trusted Regina Home Builder

The Trusted Regina team is thrilled to brag about Artemis Homes our newest Trusted Regina Partner! We are thrilled to welcome Myles and the team to the Trusted Regina Community of business operated with integrity. Artemis Homes is a Trusted Regina Custom Home Builder 


Artemis Homes-Innovation, Comfort, Community  

At Artemis Homes, they focus on building high-quality, single-family homes throughout the Regina area. The leadership team headed up by President Myles Winnicki & Chairman John Grant have decades of combined construction and customer service experience.

Artemis Homes are dedicated to offering professional exterior and interior design, made with quality materials and extreme value. With over 450 builds across Western Canada under their belts, they strive to meet the needs of their customers and strengthen the community one home at a time. They work closely with the local home plan designers at Robinson Residential,  and currently, Artemis Homes boasts impressive 11-floor plan options to choose from (and growing).

The Artemis team have build's happening across the city, from infills in the highly sought after Cathedral District to plots at Westerra, a 490-acre Community located off Dewdney Avenue in West Regina, that offers a truly unique living experience.

Myles (pictured right) runs a tight ship, and he is passionate about maintaining excellence in every aspect and at every stage of every build.  When the Trusted team toured some of the current homes under construction we were very impressed by how clean and tidy the job sites are. Myles pointed out the details that matter to him, including the triple glazing, which is a standard feature in all Artemis Home. Myles is the face of Artemis and he has been involved within the construction industry for over 35 years. He started out as a construction labourer and over time he worked his way up the ladder gaining valuable experience on the way. He has developed a reputation within the industry for being immensely prepared and organized leading to an efficient build process. Myles truly understands what goes into building your home and he will ensure it is built right.


We take pride in our work and run our business with integrity.  We truly love doing business in Regina and are proud to be part of this wonderful community. Trusting a good, reputable home builder with one of life’s biggest investments is very important and we don’t take your trust in us lightly. The Artemis team is committed to client satisfaction and we even offer a doorstep-to-deck warranty. That’s right, we stand behind what we build! - Myles Winnicki

WHY Choose Artemis Homes? 

If you are looking for a Regina home builder there are many reasons we recommend considering Artemis Homes and we list a few of them below:  

  1. They are a team of skilled individuals who stand behind the work they do. You can see their commitment to integrity from the planning stages all the way through to completion
  2.  They put their all into everything they do, right down to the last detail. You want your home to be perfect…and so do they!
  3. They strive to be on the leading edge of home building innovation best practices.
  4. They focus on the details that matter. If you walk through their show home you won't fail to be impressed at features like the lighting and the mouldings. 
  5. Their warranty- their industry-leading doorstep to deck protection. Two-year open warranty, giving you peace of mind.

As part of the Trusted Regina verification process, we spoke to several clients and suppliers to get a feel for how they operate. When we chatted to their interior designer Erica Eftodie, who is an Interior Design Technologist at Robinson Residential she said, 

 "Artemis will allow designs to have quality products and materials in order for the concept to come together in a meaningful way. Attention to detail is important when a design package is created and Artemis takes the time to understand why you chose the finishes you chose and agrees to make each individual choice a priority to pulling off the entire look. They do not shy away from designs or cut corners because they are complex, expensive, or time-consuming, they put pride into their work and make the home beautiful so that the space can be enjoyed by anyone who resides in it." 

Check out the Artemis Homes Trusted Regina Listing to read more reviews and to see all they do. Be assured their team has a personal commitment to exceed their clients' expectations through quality service, build practice, construction, and value

Artemis Homes Is A Trusted Regina Home Builder


Trusted Regina Insurance experts at Campbell & Haliburton Tip On Basic Auto Damage Insurance

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 Trusted Regina Insurance Tip, they share a tip on Basic Auto Damage Insurance


. In our latest Campbell & Halliburton Regina auto insurance tip, we share important information from SGI that explains basic auto insurance coverage.

Basic Auto Insurance Coverage – Tips and Information From Campbell & Haliburton Insurance


When you register a vehicle, you pay a flat registration fee and get a basic package of insurance on your plates. The insurance includes:

  • coverage for damage to your vehicle, subject to a deductible
  • personal injury insurance from a vehicle collision
  • liability insurance for damage your vehicle causes to another vehicle or property, or injury to others

Vehicle damage and your deductible. 


Physical damage your vehicle suffers from a collision is covered by your basic plate insurance, subject to a deductible. The deductible is the amount you must pay before your basic plate insurance covers the rest of the costs. Most vehicles with basic plate insurance have a $700 deductible.

If you have minor damages that will be less than your deductible to fix and you won’t make an insurance claim, you can pay for the repairs on your own. This is also true if you are responsible for the damage.

The chart below shows the specific deductible amount that applies based on the class of the vehicle.

 
Class Vehicle Type Deductible
Class A Light vehicles (under IRP) $700
  • Heavy trucks
  • Heavy cargo vans
  • Power units
$2,500
  • Pro-rated heavy trucks
  • Cargo vans
  • Power units
$15,000 (optional)
Class C
  • Heavy trucks
  • Heavy cargo vans
  • Power units
$700
Class D
  • Heavy trucks
  • Heavy vans
  • Power units
$700
Class LV
  • Passenger vehicles
  • Motorcycles
  • Motorized bicycle/pedal cycle
  • Antiques
  • $700
  • $700
  • $350
  • $500
Class MT Snowmobiles Not applicable1
Class PV
  • Heavy trucks
  • Heavy vans
  • Power units
$700
Antiques $500
Class TS
  • Trailers
  • Semi-trailers
$500
Class T
  • All trailers (except metal or fibreglass/other cabin trailers
$400
  • Metal cabin trailer
  • Fibreglass/another cabin trailer
  • Based on customer declared value:
  • Valued at $1,000 or less - $400
  • Valued at $1,001 or less - $500
 

Who pays the deductible after a collision?

Whether or not you pay your deductible depends on who caused the collision and if your vehicle has been damaged.
Situation Pay deductible? Details
You’re responsible for the collision Yes If the cost to fix your vehicle is more than your deductible, your basic plate insurance covers the difference.
You’re not responsible for the collision No The responsible driver’s insurance covers the cost to fix your vehicle.
Your vehicle wasn’t damaged in the collision No If your vehicle isn’t damaged, you don’t have to pay your deductible. This applies if you’re responsible for the collision or not. If the other driver’s vehicle is damaged, your insurance covers the cost to fix it.
You and the other driver are equally responsible for the collision and your vehicle was damaged Yes – you pay half If the cost to fix your vehicle is more than half your deductible, your basic plate insurance covers the difference.
You and the other driver are equally responsible for the collision and your vehicle was damaged, but the other driver is uninsured or from outside Saskatchewan Yes You pay your full deductible up front but SGI will try to get half of it back from the other equally responsible driver.
Your vehicle is stolen, vandalized, or damaged from a:
  • hit and run
  • storm
  • fire
  • collision with an animal
  • single-vehicle collision
Yes You pay your full deductible when there’s no other party to collect it from.

Deductible Payment Plan

If you have basic plate insurance and you're eligible, you can use the Deductible Payment Plan to pay your deductible over 10 months.

Reduce your deductible

If you want to pay a smaller deductible, you can buy an SGI CANADA Auto Pak with the deductible option that works best for you.

Coverage for vehicle damage

Your vehicle is covered for its actual cash value. This is the market value of your vehicle when compared to similar vehicles, with similar equipment, mileage and condition as your vehicle.

Coverage limitations

There are some limitations on vehicle damage coverage. For example:
  • Loss or damage to a vehicle insured under antique use
    • $800 less your deductible of $500
  • Loss or damage in classes A, C, D or TS (commercial trailers)
    • unless it says otherwise, limited to $15,000 or the declared value, less your deductible
  • After-market audio, visual, sound or communication equipment
    • capped at $1,500 per incident or collision - $2,200 less your $700 deductible
If your vehicle is damaged, take steps to make sure more damage doesn’t happen. For example, if your vehicle's window is broken, put a plastic cover over the window to prevent water damage from rain.

Extra damage coverage

For increased protection, you can choose to buy extra damage coverage with an auto extension policy through your insurance broker.

Liability insurance

If you’re responsible, or liable, for a collision, you’re responsible for the cost of the damage you’ve caused, which includes:
  • damage to personal property
  • physical injury or death to another person
  • a victim’s lost or potential income
Your basic plate insurance includes $200,000 of liability coverage. If you’re responsible for losses more than $200,000, you’ll have to pay for the difference out of your own pocket.

Increase your liability insurance

If you'd like to increase your liability insurance coverage, you can choose to buy an auto extension policy through your insurance broker with the liability coverage limit you like best.

Injury insurance

All Saskatchewan residents, drivers and non-drivers, are automatically covered with No-Fault injury coverage unless they choose Tort injury coverage. Any physical injuries you suffer from a collision are covered under your basic plate insurance. For details visit the Auto injury insurance page.

Examples of coverage

Example 1: You're responsible for a collision that causes a fair amount of damage to another vehicle. The other driver also has minor injuries and needs 3 months of physiotherapy after the collision.

 
Total cost of other driver's injuries and repairs $15,000
Total paid by SGI $15,000
Total paid by you $0

Example 2: In the same collision as above, your vehicle also needs a few repairs:
Total cost of repairs to your vehicle $1,000
Total paid by you (deductible) $700
Total paid by SGI $300

Your total cost for this collision is $700. Without the liability insurance included in your basic plate insurance, you would have been responsible for $15,000 from your own pocket.


As you climb into your vehicle the next time, you can do so with the assurance that you are covered with the auto insurance that best meets your needs. If you don’t have an insurance broker and want to talk to someone who is truly passionate about your insurance, contact  Campbell & Haliburton Insurance. 


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. We also know insurance inside and out, so please contact us for all of your insurance needs and we will be more than happy to help ensure what you value most is protected.

Trusted Regina insurance brokers

**(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.)

Ryan Boughen a Trusted Regina Mortgage Broker Shares 6 New Year’s Resolutions for Every Homeowner

The land of mortgages is a big one and Ryan Boughen a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules and rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Each lender is unique in the types of situations they will lend on, their terms and conditions, and their best mortgage rates. Ryan Boughen is a Trusted Regina Mortgage Broker and in his first Trusted Regina mortgage tip, he shares 6 new years resolutions every home buyer should consider.  



6 New Year’s Resolutions for Every Homeowner


Lately we have been spending much more time in our homes than usual. With homes and finances at the forefront of many household conversations, here is a list of 6 things you can do to improve both your home and your finances. - Ryan Boughen - TMG Mortgage Broker

Pay Off Your Non-Mortgage Debt FIRST!

The general rule of thumb is that you should focus on paying off higher-interest debt before lower-interest debt. You may be paying a higher rate on a credit card or private student loan than on your mortgage, so you'd benefit more by paying those off early.

Don't pay so much toward the higher-interest debt that you risk defaulting on mortgage payments, though. Yes, credit cards can be expensive, and the issuer may take legal action if you default on card payments. But defaulting on mortgage payments can be an even bigger risk because you could lose your home.

Build A Realistic  Emergency Fund

Owning a home comes with a lot of responsibility and expenses, some that you can plan for in advance like property taxes, and some that just pop up unexpectedly. If you haven’t already started saving for those unexpected expenses in an emergency fund or rainy-day fund, the new year is a great time to start! Saving any amount is beneficial in case of an emergency but about 3 to 6-month’s salary is usually recommended. A high-interest savings account is a good place for your emergency fund. You’ll still be able to earn interest on your savings, and it’s not completely locked away in case you need to access the funds quickly.

For some people, work from home measures may be in place indefinitely. The lines between your personal and professional life may be blurred during this time. The best way to keep strong boundaries is by trying to maintain a similar routine to when you’re in the office. Ensure you set boundaries to limit overtime work, always take breaks throughout the day, and log off your work computer at your usual end of workday time.


Make Your Home As Energy Efficient As Possible

We live in Saskatchewan, so that means there's no avoiding heating and cooling costs, and they are only going to rise as time goes on. Whatever you can do to make your property more energy-efficient is a worthwhile investment! It also makes it more attractive when you decide to sell. 

For tech-savvy homeowners, making your home more energy-efficient with gadgets like smart thermostats or programmable LED lights can be a lot of fun! Even if technology isn’t your thing, small fixes around the house can help make your home more energy-efficient and potentially save you money too. Here are a few things to add to your list:

  • Seal all air leaks around windows and doors
  • Use cold water or energy-saving settings for washing machines and dishwashers
  • Unplug devices and appliances when not in use
  • Lower your thermostat while you’re away from home or in less used areas of your home
  • Install a low-flow showerhead
  • Opt for energy-efficient window treatments like honeycomb shades

Make Your Home A Space You Love 

Starting off the new year ( or a new week! ) in a clean, organized space is a huge mood booster. Plus, with many people working from home now, organized space can also help your productivity. While there’s no right or wrong way to declutter and organize your home, one useful method is to work by room to make the task more manageable. Look at everything you have and split the items into three piles: Keep, Donate, and Toss. Perhaps you could read Marie Kondo's book The Life Changing Method of Tidying Up, she is a Japanese professional organizer and has a simple method to declutter your life, from clothes to books to knickknacks. She wants you to answer just one simple question when it comes to any of the items in your house:

Does it bring you joy?

If you answer yes, you keep the item. If you hesitate or say no, you donate it or throw it out. It’s simple, it’s brilliant, and it’s something that's completely intuitive. 

Once you’ve decided what’s staying, you can make sure everything has a designated place so you can keep things tidy in the long run.

Start A Household Maintenance Checklist 

As with most new year’s resolutions, it’s easy to start the year off strong but as time goes on it may become more challenging. Set yourself up for success and stick to your home goals by creating a household maintenance checklist. Create a recurring calendar reminder so you never forget to take care of tasks around the house. For example, set a reminder to change your HVAC filter every three months or clean your eavestroughs twice a year. Proper home maintenance is a good way to prevent having to pay for home repairs over time.

Plan To Pay Off Your Mortgage Sooner

Depending on how much you still owe on your mortgage, the idea of paying it off may be daunting but don’t be discouraged. Even small steps now can help you become mortgage-free sooner. Start by increasing your regular payments. For example, instead of purchasing a takeout dinner, put that extra $50 towards your mortgage payment for the month. Keep that up for a year and you’ve already put an additional $600 towards your mortgage and over 5 years, an additional $3,000.

Another simple way to pay your mortgage off faster is to put any additional or unexpected income towards your mortgage. That can be anything like funds from a tax return, a bonus from work or inheritance. Before you make any pre-payments, double-check your mortgage pre-payment options with your mortgage lender so you don’t exceed your allowable limits.


Ryan and his team of Regina mortgage experts will determine what your specific needs are and then review and analyze what is the best mortgage option for you. 

Mortgage Options Offered Include: 

Get Approved On Ryan's Website Today - It Costs Nothing! 



Trusted Regina Pros at Water Heater Services Explain How Often Your Water Heater Should Be Serviced

Water Heater Services guarantee strict adherence to all building code requirements and they ensure the safety of all water heater system rentals in the Regina region. Their Trusted Regina team of water heater pros,  provide a combination of knowledge, honesty and professionalism that you simply won't find anywhere else. Water Heater Service is your Trusted Regina Water Heater And Water Softener Sales, Service and Rental Professionals. In their first tip, they share information on how often to service your water heater. 


Are you frustrated with the lack of hot water in your home?

Do you feel like you’re constantly dealing with puddles around your water heater, freezing pipes, or even problems with serious fluctuations in water temperature?

If so, then it sounds like your water heater is in need of some serious maintenance.

Water heater maintenance isn’t only important because it helps to keep you warm in the colder months. Damaged or broken water heaters also put you and your family at risk for severe burns.

But how often should you conduct water heater maintenance, and what are the signs that something isn’t right with your water heater?

How Often Should You Repair/Replace Your Water Heater?

In general, the overall lifespan of your water heater will be anywhere from eight to twelve years. Of course, there are several factors that can influence this lifespan.

Where you place the water heater in your home, how well it was installed, the actual make/model of the heater itself, and even the level of maintenance you give it will all make a difference.

In terms of repairs and maintenance, the Trused Regina water Heater professionals suggest having your water heater flushed out at least once every year. Essentially, this means that your tank will be emptied out through a hose, and then refilled with clean water.

This helps to get extra sediment out of your heater, which, if left untreated, can cause serious damage and clogs to your system. The maintenance may also include an inspection and deep cleaning of the water heater’s coils, rods, and other pieces.

Signs You Need Water Heater Maintenance

Now that you have a more general timeline of how often you need water heater maintenance?

It’s time to start taking a closer look at the signs that something’s a little off with your heater. If you notice any of the following signs, you should take action as soon as possible. After all, broken water heaters may explode, causing serious injury to you or your family. While rare, residential water heater explosions do occur and can be deadly. Explosions are possible with both gas and electric tank water heaters, primarily those that are poorly maintained. You can avoid such a catastrophe when you identify the signs a water heater might explode so you can call for our plumbing service immediately. 

1. You See Leaks

Of course, you’ll know that you need water heater maintenance when you spy a leak or a big puddle surrounding your heater. However, not all the signs of a leak are quite so obvious. In general, you should make it a habit to check for leaks around your hot water heater at least once a month. Look for drips, a damp carpet, or even a musty smell surrounding the heater.

2. The Water Pressure Is Low

No one likes dealing with low water pressure, but it’s also a sign that you’re in need of some water heater maintenance. This is likely a sign that a buildup of minerals or other types of sediment. The pressure may also be low because of a kink in a pipe, or simply because of faulty installation.

3. You Hear Clicking

Your water heater will make a few random sounds that are not a cause for concern. However, if you start to hear constant clanging, clicking, or even something that sounds like popping? It’s likely a sign of a more serious issue. Usually, what’s happening is that your heater is actually overheating because it’s overcompensating for clogs in the system. Not only will this run up your hot water bill, it could also lead to an increased risk for burns if you come into contact with the heater.

4. Your Water Is Rusty

Another sure sign that something isn’t quite right with your water heater? Take a look at the water coming out of your faucets.Is it rusty and reddish-brown in color? If you’ve tried to drink it, does it have an overly metallic taste? Does your water just look dirty all of the time?

If so, then you’re absolutely in need of water heater maintenance.

This is because it’s likely that the pipes themselves have started to rust. If this is the case, then it’s best to rely on the services of a professional. They’ll be able to more completely drain your tank, and they’ll likely take a look at the overall quality of your pipes, as well.

Remember, when in doubt, always rely on the services of a professional when it comes to water heater maintenance.

Looking For Professional Water Heater Services You Can Trust?

We hope that this post has helped you to better understand not only how often you should maintain your water heater, but also that you now know the signs of potential damage to look out for.

Above all, we suggest that you start taking care of these problems sooner rather than later. Doing so will prevent you from running into more severe — and more expensive — problems with your water heater down the line. It will also extend its overall lifespan.

Water Heater Service is your Trusted Regina Water Heater And Water Softener Sales, Service and Rental Professionals


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