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

6. Apr 2022 Trusted Regina

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

• 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!

Trusted Regina Shares 6 New Year’s Resolutions for Every Homeowner

19. Jan 2022 Trusted Regina

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.

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. 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 many responsibilities 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 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 entirely 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 firm 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 the usual end of the workday.

Make Your Home As Energy Efficient As Possible

We live in Saskatchewan, so there's no avoiding heating and cooling costs, and they will only 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 smart thermostats or programmable LED lights can be fun! Even if technology isn’t your thing, minor fixes around the house can help make your home more energy-efficient and save you money. 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. 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 with 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 completely intuitive.

Once you’ve decided what’s staying, you can make sure everything has a designated place to 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 handle 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, 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 monthly mortgage payment. Keep that up for a year, and you’ve already put an additional $600 towards your mortgage and, over five 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.

Trusted Regina Real Estate Lawyers at MacKay & McLean Explain The Duty to Disclose

14. Jan 2022 Trusted Regina

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay & McLean are your TRUSTED REGINA LAWYERS. In Mackay & Mclean's latest legal tip they provide helpful information on the duty to disclose in real estate transactions.

MacKay & McLean Discusses the Duty to Disclose

Buying Regina and are property? Wonder what the obligation on the Seller is to, to be honest? This is called the duty to disclose.

When buying property, the rule of thumb is caveat emptor or buyer beware.

For this reason, many buyers obtain a home inspection. However, a home inspection may be a double edge sword, as it can negate potential title insurance claims.

The Seller has a duty to disclose latent defects or defects that are not readily observable. Observable defects are generally referred to as ‘patent’ defects. The problem here is that Sellers disputing the claim often claim that they were ‘unaware’ of the defect. This may permit them to escape liability. It is difficult to establish what they did or did not know.

For practical reasons this relegates many to investing in the fix rather than in a law suit.

The failure to disclose a latent defect may entitle a Buyer to collapse a transaction, have it set aside or damages. Please consult a lawyer with respect to your specific situation.

The Property Condition Disclosure Statements that are often included in transactions are somewhat helpful, in that they at least provide some record of the representations made with respect to the property. The MLS listing or web site advertisement, if bought privately, is also very helpful. Lastly, if you are relying on some specific representation, e.g. the ability to build a garage on the property or that the jacuzzi tub works, then make it a term of the contract.

Please contact MacKay & McLean for a free consultation and to discuss any concerns or answer questions you have on real estate and property law

Read all of our Regina Real Estate Law articles here

Buying, Selling or Refinancing Real Estate Property in Regina and area, or need general legal advice?

Being a small Regina, SK firm, the lawyers of MacKay & McLean give personal, professional attention to each of our clients, thus maximizing results while minimizing cost. Our lawyers and front office staff take the time to talk to you so that you are comfortable with the process. More importantly, we take the time to listen to you.

Robert Mackay and the team at Mackay & McLean offer a variety of legal services and are able to represent you in a variety of situations that require counsel. In addition, they offer a free initial consultation. Trusted Regina Lawyers, based in Regina Saskatchewan, specializing in real estate, criminal, personal injury, commercial & family law.

See more legal tips from Mackay & McLean here

MacKay & McLean are your TRUSTED REGINA LAWYERS

Trusted Regina Auto Body Pros at Bergen’s Auto Body Explain Supply Chain Issues Affecting The Auto Industry

12. Jan 2022 Trusted Regina Regina Auto Body, TRUSTED TIPS

Bergens Auto Body is a Regina family collision repair and auto body shop and from the moment you call you will be treated like family! They 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. Bergens are Regina's best OEM Certified, SGI Accredited Collision repair shop and Bergen's Auto Body is a Trusted Regina Auto Body Shop.

The Pandemic Supply Chain Issues Faced By The Auto Body Industry

Here at Bergen’s Auto Body & Collision Centre, we treat you like family and that means we work hard to give your vehicles back to you properly and most importantly safely!

Please Be Kind

We currently have a situation that has never been a problem or concern in the past. Our suppliers are having huge issues accessing all parts from their manufacturers.

We are sure that you have probably heard about supply chain issues in the news, so hopefully you will recognize that this is not a Bergen’s problem, this is a global problem due to the Pandemic.

“Please be patient, as we are doing everything we can to move things forward, but there is only so much we can do. The delays cause major issues with our work flow in the shop, and at times is has been overwhelming for the Bergens Auto Body staff. Please know that we are working our hardest and trying our best to get those vehicles to you as quickly and safely as we can.”- Jon Bergen

How Can You Help?

If you have minimal damages for repair, such as small windshield cracks and tiny dings on your bodywork, we would appreciate it if you would hold off contacting us for repair until summer. Right now we have to prioritize the worst damaged vehicle, as we need get our most in need clients vehicles back on the road.

Please be kind as we navigate this new normal . We can’t accommodate our clients the way we want to, and we all look forward to the issues being resolved soon!

Thank you for your understanding.
John and Bergen’s team

Watch Jons Video Below.

Bergen's AutoBody & Collision Centre are TRUSTED REGINA AUTO BODY & Collision Repair Expert

Trusted Regina team brags about Skott Enns as a Trusted Regina Mortgage Broker

27. Dec 2021 Trusted Regina Regina Mortgages, Trusted Partner News, Trusted Regina new Trusted partner

The Trusted Regina team is thrilled to brag about our newest Trusted Regina Mortgage Broker. We are thrilled to welcome Skott Enns back to the Trusted Regina Community of business operated with integrity.

Why does Skott Enns get the thumbs Up from Trusted Regina?

Skott Enns has been a Regina mortgage broker since 2017, and he was voted Regina's Best Mortgage Broker for 2021! That is 8 out of the past 9 years that Skott has been the recipient. If you are looking for free expert mortgage advice from a multi-award-winning, Trusted Best Regina mortgage broker, whose number one motivation is always your BEST interest then you should definitely consider Skott Enns!

Skott is committed to providing the best service for his clients, and he has put together a team to make the mortgage process as efficient and easy as possible. He is authentic in his desire to help people, and as such, he works hard to ensure he has the best mortgage type and rates for each situation and every unique circumstance.

So a bit about me! Growing up, I was never one of the jocks. Oh I played, soccer, hockey, and ball just like all the kids, but I was never really that good. Usually one of the last picked on the team… clearly it wasn’t my destiny to be a professional athlete.Instead, I loved puzzles, seriously, I was a pretty big nerd… my head was always buried in a crossword, brain teaser, mind bender, word search, or sudoku. As a Regina mortgage professional, nothing has really changed. I see every new clients’ mortgage as a puzzle that needs to be solved. Let me assure you, I do not rest until the solving is done! Specifically, some of the puzzles I enjoy working on now are clients who are new immigrants to Canada seeking their first mortgage, self-employed, recently separated, or buying their first home and… First Time Home Buyers are a personal favourite – I like first timers even more than Sudokus! As each client is different, handling financing for investment properties, purchase plus improvements, mortgage refinancing and mortgage renewals provides a unique challenge.
On a personal note, I am a proud husband and father. My wife Shawna and I have twin boys and a daughter, and we are a VERY active family. We travel, play outside, get dirty in the mud, and love to see and experience new things! Life is pretty good!- Skott Enns.

When speaking to Skotts clients, including other Trusted Regina partners, as part of our unique Trusted verification process it is easy to see why so many of them voted for him to be Regina's best mortgage broker year after year.

" I send people to Skott all the time knowing they'll have a great experience and that he'll look after them. Skott is truly knowledgeable, good at what he does and treats people the way they should be treated." - Chris Worby, Owner of Worby Wealth Management - Trusted Regina Financial Advisor

" Skott is a kind, conscientious, and ethical professional. He goes the extra mile. We had a very complex mortgage file and he worked with us to get the best possible arrangement under very tight timelines. I highly recommend him." - Valerie Sluth, Regina .

SO, whatever your situation and needs are he will bring you options that have been evaluated and suggest only the ones that best suit your needs.

Click here to read Skott's 300+ Google Reviews and 125+ Facebook Reviews

A Regina Mortage Broker with A High Interest In Your Low Interest

Trusted Tips & Resources

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

Expert Financial Advice Regarding Retirement.