Trusted Regina’s Financial experts share a tip on what is a Fee Only Financial Planner:

Check out this video to understand what a Fee Only Financial Planner is. One that works on an annual subscription/retainer with NO commissions & NO sales/selling.

Trusted Regina’s Finance Experts so why not give them a call to see how they can work for you!

 Trusted Regina’s Financial experts share their tip on Do not do RRSP's:

What are your other choices?

RRSPs are not always the right thing to do. Sure they have benefits, you can Google RRSP’s and find 1000’s of articles on why you should be using them, but what are your other options?

Everyone’s situation is different for an unbiased perspective on your unique situation look up at fee-only financial planner. Hint hint that’s what we do

I am going to make some broad statements here that will have exceptions but generally this is the case. If you are in debt, young, lower income, have TFSA room, have maxed out your RRSPs, or are self employed then RRSPs are should not be your first choice in your grand plan of financial action.

So what are your other options?

Pay down your mortgage…yuck, I know but it has some merit. Mainly you reduce future interest payments and take one step closer to protecting your home. As your home increases in value the gain is tax sheltered so long-term the bang for your buck is quite good. The tax-free nature of it is the equivalent of tax-free growth provided in an RRSP or TFSA.

In times of unstable stock markets, “investing” in your home is a great, more conservative option for investors. And FYI, if you’ve had a rough year and cannot contribute to your RRSP, don’t worry, you’ve been investing in your home all year.

Other investments: TFSA’s can be rolled into an RRSP later for the same deduction. So if you are not sure if you will need to funds later or your taxable income is very low you can park it in your TFSA and get the deduction later. Other investment options are non-registered accounts in which returns are taxed by CRA.

Although we already mentioned paying off your mortgage, you may have other debt that should be attended to first. You’ve heard it before and you’ll hear it again…get rid of that credit card debt.

Do Nothing…

• If you’re a public servant with a government pension you are pretty set up
• If you have an big fat company pension you do not need an RRSP
• Old Auntie Phillis leaving you $1,000,000 in inheritance? You do not need an RRSP.
• OVERWORKED? Need a vacation? Take one. Do not let yourself get burnt out or injured and damage your future earning potential 

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

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!

Trusted Regina’s Financial experts

The Cost of Halloween

Ever wonder what Halloween is costing you? Well check out our info graph below. Should you be worried about $70?...probably not. More of a concern should be your pesky investment fees that are $1,000s of dollars a year. You price pick on candy for Halloween so why don’t you price pick on your investment costs!

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!

No school like the old school.

You know the old adage ‘Buy, hold, prosper?’

I prefer an even older one, ‘buy low, sell high.

- Buy and hold only works in certain market conditions -

Sell discipline is the hardest thing to have - Knowing what to do and when to do it pays!

 One of the problems with investing today is that interest rates are low. Another one is that the market seems to give some good gains for a while and then lose everything you got over the past few years. We call this kind of a market a sideways trading market and there’s only one way to make money in it: Buy Low, Sell High. This means doing the opposite of what everyone is saying.

When the complacency is high and people are chasing a little more gain, you need to sell. When people are scared and times are tough, you need to buy. This is where professional guidance can pay off the most. Having someone by your side, helping you make these tough decisions with a system of dependable signals can be invaluable and help you feel as though you are not adrift in the sea of the financial markets. And that’s why I call this old school investing. Nothing gives you gains like buying low and selling high.

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 and your Trusted Regina Financial planner