Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Heating & Air Conditioning expert tip on Repair vs. Replacement:

 Trusted Regina Air Conditioning and Furnace experts 

Heating & Air Conditioning Repair vs. Replacement:

Your air conditioning and heating system can be one of the most expensive purchases you make in your home. There are many factors to consider when determining whether or not you should repair an old unit or replace it, such as the age of the unit, overall investment costs, from initial purchase price to long term operating costs, and utility rates. To help determine whether or not you should keep your existing system, we've created an interactive Repair vs. Replacement Calculator.

Simply fill in the text field below with a number, and click your "tab" key. More text and text fields will appear. Whenever you see the "tab" note, click your tab key to continue the calculation.

What is the Cost of Keeping Your Existing System?

 

 

Some homeowners may feel "if it isn’t broken, don’t fix it." Here are some often-overlooked considerations. Sometimes you put multiple repairs into a system that is on its last legs. As of January 2006, new air conditioner efficiency standards came into effect. Most systems installed before this date cost up to 20% or more to operate than today’s base efficiency models.

If you agree that SOONER or LATER you will have to replace your air conditioning or heating system, what is the longest you think it would be?

 

CLICK HERE to be directed to the tab keys and for the interative calculator. 

 

A Trusted Regina Financial Experts share tip on why you should not do RRSP's

 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!

Chris Worby a Trusted Regina Financial Expert from Worby Wealth Management explains RRSP's

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!

Here Chris Explains what an RRSP is!

 

 

 

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

 

Trusted Regina Financial Experts share tip on RRSP Season

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!

 

 

 

Wheatland Fireplace a Trusted Regina Fireplace expert share a tip on Glass Door Removal and Cleaning

Your first step into the beautiful Wheatland Fireplace showroom will help you understand why Wheatland Fireplace has been given the Thumbs up by Trusted Regina.

This really is where your REGINA Outdoor living and Fireplace dreams meet in spectacular surroundings! Wheatland Fireplace REGINA is a TRUSTED Saskatchewan company that sells products that make your life better. Wheatland Fireplace services and installs their high-quality fireplaces, barbecues (bbq), grills and smokers from industry leading manufacturers. They love their customers and as a result,their customers love and TRUST them. Wheatland Fireplace are your Exclusive Trusted REGINA FIREPLACE store and they are Trusted REGINA OUTDOOR LIVING & RECREATION Experts. 

Here they share a tip on Glass Door Removal and Cleaning:

 

Visit the Wheatland Fireplace' showroom at or see their listing in the REGINA OUTDOOR LIVING & RECREATION and in the REGINA Home appliance & fireplace category. They are your Trusted REGINA FIREPLACE Experts!

 

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TrustedRegina.com
310 Wall St #209
Saskatoon, SK   S7K 1N7
Ph: 306.244.4150

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