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!

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!

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 shares a tip on how to get the most out of your money:

Can your Dollar Multi-task?

In financial planning, we talk a lot about efficiency and finding the best way to achieve your goals. One question that is good is this one:

“What’s the best thing to do with my money? Invest? Pay down the mortgage? Save for a rainy day? Save for the kids’ education?”

Guess what? This is not a ‘yes or no’ question. What if you could do a bit of all of it.

Say you are someone who makes $75,000/yr. And let’s say you do what you’re supposed to and you save 10% - $7,500. What’s the best way to increase your net worth with this $7,500?

Let’s say you put this in your RRSP. That means you would have $7500 invested plus $2925 in tax return.

Let’s say you put this into your Registered Education Savings Plan – it will hold $2500/yr and get matched at 20% or $500 in this case.

You still have $425. You could put this in your TFSA or pay down your mortgage – whatever you like. But here’s the tally of what net worth you have added with this strategy:

$7500+$2925+$500=$10,925

That’s a 46% first year rate of return if you want to think of it that way!

And just a sample of the types of ideas we come up with when you do a financial plan with us. Call us today to get  the ball rolling.

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

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 shares a great tip on how to maximize your RRSP:

RRSP season is around the corner! Let an RRSP account save you tax dollars this year, and provide steady growth for your retirement!

Registered retirement savings plans (RRSP) is a savings plan that allows you to save for the future on a tax-sheltered basis.

The first significant benefit of investing into an RRSP is the tax credit. The government creates incentives for households to save money for their retirement. So, your taxable income is reduced by the amount you contribute into an RRSP. (Up until a certain point).

The second benefit is that they allow an individual investor to defer their taxes into the future. Any growth on your investment (i.e.: interest dividends, capital gains) are not instantly taxable to you.

Paired with the tax benefits, other advantages of RRSP’s include: their availability to be used to buy your first home, through the Home Buyers Plan, they can be used to finance education, through the Lifelong Learning Plan which eliminates any taxable consequences on withdrawals.

One thing to keep in mind though is that an RRSP is a type of account – not an investment. It is up to you and the advice you receive to make sure it grows to its fullest potential.

With the deadline being March 1, 2014- call in to book your appointment today!

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

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 he shares his brush with critical illness:

I spent last Thursday in the cardiac waiting room at our local hospital. My father was having sextuple-bypass surgery at the age of 59. It was a shock to him and a shock to me.

He’s now considering his options. Fortunately, his work is not physically demanding so he’ll be able to get back to work sooner than if he did something more active but he’s got to reconsider his future. He has options and things will work out for him but I know people who don’t have options – they can’t work means they can’t pay their bills.

Another reality is that many times these heart attacks or cancer come right when a person is peaking – making the most money they have made in their lives, career right at the top – and the financial toll this takes on them is huge. RRSPs take a back seat to survival and, even when people do recover, they end up having to work longer or make major lifestyle cuts in order to keep going.

There is a solution called ‘Critical Illness’ insurance which pays out a lump sum upon a heart attack, cancer, stroke – a list of 25 illnesses. If you had a life-changing event in which you are facing 3 to 6 months off of work or need some money to seek medical attention elsewhere – anything you choose – do you have the money available?

Critical illness can be a solution. Personally, I believe in insurance to cover a need. I have this coverage and I believe everyone should at least consider it.

Please contact me to do a review of this coverage for you.

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