The Trusted Saskatoon directory team are thrilled to welcome Wiegers Financial & Benefits to the Trusted Saskatoon community. You will find their listing in the Saskatoon Financial Services and Saskatoon Insurance categories on the Saskatoon directory you can Trust.
It's easy to brag about Wiegers Financial & Benefits!
Established 25 years ago by Cliff and Deb Wiegers, the company grew from humble beginnings to a level of success that puts it on par with some of the largest financial planning companies in Canada!
Their approach to working with clients is personal and they are dedicated and committed to getting to know their clients and what they want and need, both at the beginning of the working relationship and as their personal and professional lives change or as their businesses evolve. This commitment is reflected in a process that involves regular contact and a client/advisor relationship that is both comfortable, familiar and special in an industry not often associated with warmth!
Award Winning Community supporters!
Wiegers Care for Kids actively fundraises year-round and has already hosted five major fundraising events, raising over $800,000 for the Jim Pattison Children's Hospital
Wiegers Financial & Benefits came highly recommended.
Many of the Trusted Saskatoon partners are already long-standing clients of Wiegers Financial & Benefits, in fact, they were nominated by Trusted Saskatoon Salon owners, Laddie & Shelley James of Hairstyle Inn Salons - that in itself is a great testament to the high standards and level of care that the Wiegers team bring to the table!
Don't take our word for it - hear from more of their happy clients here!
"The people at Wiegers take care of me personally as well as the group benefits at Reed Security. They're helpful, friendly and always offer a variety of options. I'm also impressed with their community values and the huge dollar amounts they continue to raise for the Children's Hospital. They care!" Virgil Reed, Reed Security, Trusted Saskatoon Alarm & Security Professionals.
"My wife and I have been accessing investment advice, long-term planning and portfolio management from Wiegers and company for several years. I have found the services to be personalized and tailored to the needs that we have, which wouldn't be the same for people of a different age. Attention is paid to our financial circumstances and our advisor, which in our case is Cliff Wiegers, keeps in touch personally or through others at the company. You have more confidence that people are taking care of the financial affairs under their watch in a careful way when you know that they do not resent making personal contact and obviously see it as an important part of making sure that they understand your needs. They take the time to discuss things which is not always case with service providers. Whether times for investment are good or bad, the need exists for competent guidance and we have received that. It is good to deal with a local company that is also linked in with large financial organizations which offer a range of products that may fit the particular client. I have appreciated the personalized service and attention we receive from the company." Eric Cline, Saskatoon
We are proud to promote and give the thumbs up to Wiegers Financial & Benefits as Trusted Saskatoon Financial and Insurance advisors!
Check out their listing on the Saskatoon Directory of Excellence by clicking on the links below:
The Trusted Saskatoon team is thrilled to welcome Choice Payment Solutions as your Trusted Saskatoon Payment Solution Providers.
Choice Payment Solutions
Choice Payment Solutions, led by Nelson Crowder, is a Saskatoon payment solution provider serving Saskatchewan. Choice Payment Solutions provides a variety of easy-to-use and cost-effective payment solutions for a variety of business types. Some of the services they offer include point of sale systems, e-commerce solutions, and mobile payment solutions.
We became aware of Choice Payment Solutions some time ago as they provided a new payment system for the Trusted office! Our administrative manager, Victoria, had nothing but great things to say about the product and service we received from Nelson.
"We always try to choose local providers for all we do, however, our payment processing was always with large multinational companies like Moneris or Chase Paymentech, as we didn't know there was a local option! Choice has a great system and it has sped up the time it takes to process my bulk accounts receivables. In addition to that, we were pleasantly surprised to have saved money on our payment vs our previous suppliers' processing fees. Overall, working with Choice Payments and Nelson has been an amazing experience. In addition to that we have saved money on our payment processing" - Victoria, Trusted Saskatoon & Trusted Marketing Services
When speaking with clients as part of Choice's verification process to join Trusted Saskatoon, the consistent theme was how much people appreciated working with a Saskatoon payment solution provider who can provide prompt, local face to face customer support.
Don't just take it from us, hear what more of Choice Payment Solutions clients had to say:
"Choice has been wonderful - really good customer service and we found the rates were very competitive with other providers we researched."- Chantel, RM of Benson #35
"Any issue we had with our systems was simple to fix, and Choice was very responsive when we needed support" - Rosalind, Dundurn Rural Water Utility.
“Every business is unique. Getting to know our clients and truly understand their goals is what sets us apart. We provide exceptional local service with the added bonus of the full product line of our internationally renowned partner.”
~Nelson Crowder, President
If you are a Saskatchewan business that processes payments we highly recommend contacting Nelson at Choice Payment Solutions. He saved us money and made out lives easier, he could do the same for you! Choice Payment Solutions is a no-brainer!
We are very proud and excited to welcome Nelson to our Saskatoon directory of excellence, and we give Choice Payment Solutions the thumbs up as Trusted Saskatoon Payment Solution Providers!
Check out their listings on the Saskatoon Directory of excellence to read more reviews and to find out more about all they offer!
If you already accept credit cards, take advantage of a complimentary statement analysis to find out how Choice Payment Solutions compares to your current provider.
RRSP Season is here, as financial advisors prepare for another busy season, I wanted to give YOU some important information on RRSP’s, limits; and deadlines to help prepare you to make your investment decisions a bit easier. The RRSP deadline for tax year 2014 is March 2nd 2015. If you are looking to reduce your income tax payable (subject to the below conditions), please book an appointment before March 2nd.
RRSP contribution room is based on “earned income”. Generally speaking, earned income includes a taxpayer’s income (earned while the taxpayer was resident in Canada) from the following:
- income from office or employment reported on a T4 slip (line 101 of the tax return)
- other employment income (line 104) – this includes foreign employment income, which must be reported in Canadian dollars.
- Employment income on a US W-2 slip may have been reduced by contributions to a “401(k), 457 or 403(b) plan, US Medicare and Federal Insurance Contributions Act (FICA)”. These amounts must be added to foreign employment income on line 104. However, based on the Fifth Protocol to the Canada – U.S. Income Tax Treaty (Article XVIII), starting with the 2009 tax year, these amounts may be deductible on line 207 of your tax return.
- income (less loss) from a business carried on by the taxpayer, either alone or as a partner actively engaged in the business
- income (less loss) from rental of real property
- royalty income regarding a work or invention of which the taxpayer was the author or inventor
- taxable support payments received
- CPP or provincial disability pension income
- amounts received under a supplementary unemployment benefit plan (not federal Employment Insurance)
- less deductible support payments made
The maximum RRSP contribution amount that can be deducted is called the “RRSP deduction limit”, and is also known as “contribution room” or “deduction room”. Your deduction limit is found on your Notice of Assessment or Notice of Reassessment from Canada Revenue Agency (CRA). Your 2014 limit would be on your 2013 Notice. The deduction limit is calculated as:
- 18% of “earned income” for the preceding year, to an annual maximum (see following table)
- less the “pension adjustment” amount, for participants in a Registered Pension Plan (RPP) or Deferred Profit Sharing Plan (DPSP)
- less any “past service pension adjustment”, for participants in a RPP or DPSP
- plus any “past service pension adjustment” reversals
- plus unused deduction room carried forward from the previous year
The annual limits for RRSPs, money purchase (defined contribution) RPPs, deferred profit sharing plans (DPSPs), and defined benefit RPPs are: (*source, taxtips.ca)
Annual Contribution Limits
RPPs – Max Pension
Year of Service
||1/2 the MP limit
||1/9 the MP limit
Protecting your business with buy-sell insurance
While business owners may include a buy-sell provision in their shareholder agreement, many small business owners do not know what a buy-sell agreement is, and how simple it can be to set up.
Buy-Sell insurance provides funds for buying out the ownership interest of a partner when he or she dies or becomes disabled.
With an unexpected death of a business owner, whether or not it is a small business, partnership, or family farming operation – In the absence of a clear arrangement and adequate funding, surviving partners often feel “stuck” after the death of one partner, and the aftermath of having to deal with that partners spouse.
So how can we begin to fix this? It’s simple….Really!
First, we have to understand the 3 different methods of a buy-sell agreement
- Promissory Note Method- Using this method, the operating company purchases a life or disability insurance policy on the life of each shareholder. The company names itself as the beneficiary of the policies and a Buy/Sell funding agreement is put in place requiring the surviving shareholder(s) to purchase the shares of the deceased shareholder at fair market value (FMV). On the death of one or more shareholders, the company receives the insurance benefit and pays the proceeds to the surviving shareholder(s) as a capital dividend, allowing them to honor the promissory note.
- Corporate Redemtion Method- The operating company purchases an insurance or disability policy on the life of each shareholder, the company of whom is named as the beneficiary of each of the policies. This method would require the company to purchase and then cancel (or redeem) the shares of the deceased shareholder.
- Criss-Cross Method– Each shareholder purchases a life insurance policy on the life of the other shareholder(s), and names himself or herself the beneficiary. The shareholders and the company then complete a buy-sell agreement that requires the surviving shareholder(s) to purchase the shares of the deceased shareholder, at fair market value (FMV). If the shareholder dies, the surviving shareholder(s) use the proceeds paid from the deceased policy to purchase the shares from the shareholders estate.
Regardless of which method you think might work well for you or if you already have a structure in place but want a second opinion, an independent financial advisor is a key component to helping you structure the most efficient buy-sell agreement for your business, and find the appropriate coverage for you. Lets work together.
If you are interested in learning more about how to bulletproof your business structure, and get a free no obligation review from a TRUSTED SASKATOON financial advisor, contact me today!
Savings plan - GIC vs. TFSA
Jamie McHattie: I want to start saving money…not an RRSP but something like a tax free savings account or GIC but I don’t know exactly what they are or which is the best way to go. Help please?!
Answer: Good for you – having a saving plan is the base of every successful financial security plan. Once you have a savings plan for emergencies or opportunities, other parts of your plan such as home ownership or investments are more secure. There are a few different products to use for a savings plan.
GIC stands for Guaranteed Investment Certificate. This is a plan that locks in your money for a length of time and guarantees you interest. Generally, the longer the term of the investment – the higher the interest rate. A non-redeemable GIC means that you cannot withdraw the savings until the term is up. A redeemable GIC means that you may be able to withdraw the money, but there will be an interest adjustment based on how long the money was actually invested for. A GIC can be held in a RRSP, in a TFSA or just as a non-registered plan. Interest earned on a GIC that not in a RRSP or a TFSA will be taxed.
TFSA stands for Tax-Free Savings Account. It is a registered plan (by registered, it means that Canada Revenue Agency (CRA) tracks it), that allows you to invest up to $5,500 per year and the earnings on the investment are not taxed. There is no tax refund though. There is a carry forward so if you have never invested in a TFSA – you can contribute up to $5,500 annually. This is an increase from the annual contribution limit of $5,000 for 2009 through 2012. You can invest for short term or long term in your TFSA. A TFSA is most tax effective for high risk investments such as stocks or high risk mutual funds as that is where you have the most potential for investment growth that you wouldn’t pay tax on. However, for short-term investments, the TFSA is still a good place to save. You can invest in a high yield interest account that allows full access, no risk on your investment but a low rate of return.
The most important part of a financial security plan is to start now on a regular basis – pay your-self first!