Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Give Expert Insights on Maximizing Your RRSP

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In their latest tip, they give expert insights from Wiegers Financial & Benefits on Maximizing Your RRSP.


Maximizing Your RRSP: Expert Insights from Wiegers Financial & Benefits

As life evolves, so do your financial priorities. At Wiegers Financial & Benefits, we recognize the significance of optimizing your Registered Retirement Savings Plan (RRSP) to help secure your future. By taking a personalized and strategic approach, we ensure your financial plan adapts to your changing needs. In this article, financial planner Kim Chicoine shares valuable tips to help you get the most out of your RRSP and work toward a more confident retirement.

Aligning Your Savings with Your Financial Objectives

Balancing daily expenses with long-term savings can be challenging, but watching your investments grow over time makes it worthwhile. To make the most of your RRSP, consider diversifying with a mix of investment options such as guaranteed investment certificates (GICs), mutual funds, segregated funds, stocks, and bonds. These choices, when integrated into your RRSP or Tax-Free Savings Account (TFSA), can align with your risk tolerance and financial goals.

Proven RRSP Strategies to Enhance Your Savings

Automate Your Contributions for Consistent Growth

A simple yet effective way to stay on track with savings is by setting up a Pre-Authorized Chequing (PAC) plan. This method ensures your RRSP contributions happen automatically, treating them like a fixed expense. By contributing regularly, you benefit from dollar-cost averaging, which helps smooth out market fluctuations. You can also schedule annual contribution increases, allowing your savings to grow progressively over time.

Leverage an RRSP Loan to Maximize Contributions

If you haven’t taken full advantage of your RRSP contribution room in previous years, an RRSP loan can be a useful tool. This approach provides additional time for your investments to grow while potentially yielding a tax refund that can help repay the loan. While not suitable for everyone, an RRSP loan can offer key benefits such as:

  • Accelerating your retirement savings

  • Potentially increasing your overall retirement fund

  • Lowering your taxable income through a larger deduction

Consider a Spousal RRSP for Tax Efficiency

For couples, a spousal RRSP can be a strategic way to optimize retirement savings and minimize taxes. The higher-income spouse contributes to the plan and claims the tax deduction, while the lower-income spouse holds ownership of the account. This strategy can help balance income levels in retirement and reduce overall tax liability. However, it’s essential to understand the withdrawal rules, especially for contributions made in the last two years. Consulting with a financial advisor can help determine if this approach suits your situation.

The Importance of Starting Early

Although RRSP season may still be ahead, making contributions early allows your investments more time to benefit from compound growth. Regular contributions not only enhance your retirement fund but also foster disciplined saving habits. If you’re unsure which strategies best fit your financial picture, speaking with an advisor can provide clarity and guidance tailored to your needs.

At Wiegers Financial & Benefits, we’re committed to helping you develop an RRSP strategy that aligns with your long-term financial objectives. Take action today and begin building a secure future.

Kim Chicoine, CFP, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Wealth Inc.

The opinions expressed in this article are those of the author and do not necessarily reflect those of Manulife Wealth Inc.

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Wiegers Financial & Insurance Planning Services Ltd. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada.

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explain Key Strategies for Effective Financial Planning

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In their latest tip, they go over some key strategies for effective financial planning.


Wiegers Financial & Benefits: Key Strategies for Effective Financial Planning

When thinking about financial planning, people often focus on exciting aspects like growing their investments or envisioning an ideal retirement. However, they may overlook crucial yet less glamorous details that form the foundation of a secure financial future. Just like a home with stylish upgrades can still have structural weaknesses, a financial plan with overlooked gaps can leave you at risk. Let’s explore some commonly neglected areas and how to address them before they turn into costly mistakes.


Overlooked Aspects of Financial Planning

Inadequate Insurance Protection

Insurance serves as a safeguard within your financial plan, yet many assume that employer-provided coverage is sufficient. In reality, it often falls short. If you have dependents or outstanding debts, lacking adequate life or disability insurance can put you in a vulnerable position. Additionally, umbrella insurance is frequently disregarded but offers valuable protection in case of major liability claims. While insurance may seem like an unnecessary expense, it is an essential component in securing your financial stability.


Neglecting Estate Planning

Estate planning isn’t just for the elderly or wealthy—it’s important for anyone who wants to ensure their loved ones are taken care of. Without a legally sound will, power of attorney, or healthcare directive, critical decisions regarding your assets and medical care could be left to the courts. A well-prepared estate plan ensures that your wishes are carried out and prevents unnecessary stress for your family.


Unrealistic Retirement Planning

Many individuals contribute to retirement accounts without a precise understanding of how much they will need. Common mistakes include underestimating future living costs, overlooking inflation, or ignoring healthcare expenses. A solid retirement strategy involves more than just saving—it requires realistic projections, a diversified investment approach, and, often, the insight of a financial professional.


Lack of Tax Planning

While paying taxes is inevitable, overpaying them is not. Using strategies like tax-efficient investing, maximizing contributions to tax-advantaged accounts, and planning for required minimum distributions can help retain more of your wealth. A financial expert can guide you in navigating tax regulations and identifying ways to enhance your tax efficiency.


Insufficient Emergency Savings

An emergency fund is crucial for handling unexpected financial setbacks, yet many individuals overlook this fundamental element. A sudden expense, such as a medical emergency or vehicle repair, can derail your financial plans if you’re unprepared. Aim to accumulate three to six months’ worth of expenses in a high-yield savings account to prevent relying on credit in difficult times.


Unclear Financial Goals

Simply saving money without a clear objective can hinder progress. Having well-defined financial goals makes planning more effective. Instead of vague aspirations like “saving for a home,” specify goals such as “saving $100,000 for a down payment within five years.” Setting clear targets provides motivation and ensures your actions align with your long-term vision.


Overestimating DIY Financial Planning

Managing finances independently can be effective in some cases, but it’s easy to overlook key details or make costly errors. A professional financial advisor brings expertise, an objective perspective, and a holistic approach to your financial health. Consider them a valuable guide in helping you navigate potential pitfalls and stay on course toward your financial goals.


Proactive Planning Prevents Costly Mistakes

Even minor gaps in financial planning can lead to significant challenges if left unaddressed. The good news? Every shortfall can be corrected with strategic planning and the right guidance. By identifying and resolving these gaps early, you can build a robust and resilient financial future.


Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits Is A Trusted Saskatoon Financial Advisor 

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Wiegers Financial & Insurance Planning Services Ltd. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada.

Aurora Workplace Solutions Explain How To Protect Your Business From Workplace Accidents

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

WILL AN ACCIDENT LEAVE YOUR BUSINESS DISABLED?

What if you had an accident and couldn’t work for a while?

Your disability insurance would provide income instead of your salary until you were on your feet again, but what about those business bills? Unfortunately, none of us can predict a sudden illness or injury. It’s wise to consider how your absence would impact your business and ensure you’re prepared for unforeseen circumstances.

There is an answer!

Protect your business with Business Overhead Benefits from a Chambers of Commerce Group Insurance Plan®. Designed for self-employed business owners who generate all of their firm’s sales and revenues and are involved in the business's day-to-day operations, BOE covers your business’ fixed expenses if you’re away for an extended period due to disability. BOE must be purchased in conjunction with Long Term Disability benefits.

Available in blocks of $100, coverage is available from $500 to $2,000 monthly. The benefit will pay eligible business expenses after a 30-day waiting period for up to 18 months while you are disabled. Eligible business expenses are the actual, usual and customary expenses incurred by you, the owner, in the operation of your business. For partnerships, your assumed portion of such expenses is covered.

Eligible business expenses include:

  • Rent, electricity, telephone
  • Business taxes and licenses
  • Property taxes for the place of business
  • Leasing and amortization costs of equipment, including automobiles
  • Interest, including the interest portion of mortgage payments, unpaid bills or lines of credit
  • Amortization or periodic repayment of capital, including mortgages

In Addition:
  • Salaries of personnel who do not generate income and whose services are essential during your disability
  • Professional services of an outside accountant
  • Professional dues and professional liability insurance
  • Office cleaning
  • Postage and office supplies

You can purchase Business Overhead Expense coverage in conjunction with Chambers Plan Long-Term Disability benefits. Together, they provide the coverage business owners need at an affordable price.

With quick claim payments, rate stability, and guaranteed renewable coverage, the Chambers Plan makes it easy for you to invest in your employees' health and well-being. 3,000 small businesses like yours join the Plan every year. 


Aurora Workplace Solutions designs and creates custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explain The Importance of Succession Planning

Wiegers Financial & Benefits is one of Saskatchewan's largest private financial planning and employee benefits consulting firms. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. 


THE IMPORTANCE OF SUCCESSION PLANNING


Whether it’s a well-loved breakfast diner that feels like the hub of the community or a factory that manufactures safety shoes and work gloves, creating and growing a small business is incredibly rewarding and requires a lot of hard work. After toiling long hours to become successful, most owners want the business to continue thriving long after they step away.

A carefully crafted succession plan is important to any successful small business. It can help you clearly identify your company’s goals, protect the business's legacy, plan for the unexpected, and prepare for the financial security of your family and employees. The planning process can feel overwhelming at first, but carefully considering all aspects of your business is time well spent.


GETTING STARTED

There’s no time like the present. Succession planning can clarify how you visualize your future success, even if you just opened the doors to your business. Planning helps you narrow down your goals and objectives, identify the right person to take over one day and prepare for financial setbacks.

Bob Labrecque, a succession planning consultant with Manulife Securities, says business owners often wait too long to begin the planning process, starting when they’re only three or four years away from retirement. “A good succession plan is a five-to-10-year strategy of building the business, and then transferring ownership while it’s in a growth phase – not in a maturity or a declining phase,” he says. “And you want a team of experts in place to help make this happen. An advisor is a key member of this planning team.”

The first step in developing a business succession plan is to self-reflect and ask yourself some critical questions. Consider the following:

  1. When would you like to retire or step back from running the business?
  2. What kind of future would you like to see for your business?
  3. Do you have a successor in mind with a mentoring plan in place?
  4. Are there any weaknesses in your current business operations that must be addressed?
  5. What is your plan for handling unexpected events, such as illness, financial difficulties, or the retention of top employees?
  6. Do you have a team of financial and legal experts to help you with the planning process?

 

ESTATE PLANNING AND TAXES

Even though running a successful business can occupy your full attention, looking at the bigger picture and how a business succession plan dovetails into your personal plans is essential. An advisor can help determine a company's financial value and opportunities for growth and also help with retirement and estate planning.

A business owner hoping to step down must plan for adequate retirement income to maintain his or her desired lifestyle, put a savings plan in place to cover future expenses such as a child’s education, and set up life and disability insurance plans so loved ones are well cared for in the event of severe illness or death – all while maximizing tax-planning opportunities.

 

MANAGING EMOTIONS

As you are getting your succession plans down on paper, don’t discount the emotional impact that this major life event might have on you and the entire organization. Labrecque says leaving can be very difficult and emotional for many business owners.

 “Quite often, for a first-generation business owner, this is their baby, and there can be strong protective feelings that nobody else can do what they do.” 

Owners have some crucial decisions to consider:

  • Take an honest look at who can lead the business and compile a short list of candidates
  • Create a succession team to help navigate the financial, legal, and human resource aspects of the transition
  • Explore new opportunities for the organization to ensure continued strength and growth
  • Establish a co-lead to allow the current owner to begin stepping back into a lesser role

If the intent is to transition the business within the family, a specialist called a family facilitator might also be helpful. 


“Family transfers are the most complicated because they involve not only the business but the family dynamics,” says Labrecque. “Families also need to have honest discussions about whether children even want to take over the family business. They may want the money and the lifestyle but do they find the work interesting?”


WINDING DOWN

As a business owner prepares for retirement, there might still be an opportunity to stay involved and active but at a slower pace. A step-down approach is possible, where the ownership is transferred, but the owner stays on in a limited capacity for a set duration to help with the transition. After a lifetime of work, the boss can gradually ease into retirement rather than giving up everything all at once.

Succession planning can be a rewarding process that sets the tone for your business's overall success. For more information about getting started on a succession plan, please contact Wiegers Financial & Benefits to speak with one of our experienced advisors

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.

Trusted Saskatoon Celebrates Partners Who Have Been Trusted in Saskatoon For 5 Over Years

TRUSTED SASKATOON RECOGNIZES OUR PARTNERS WHO HAVE BEEN TRUSTED FOR 5 YEARS!

In this series of articles, we continue to shine a bright spotlight on the businesses that have been Trusted Saskatoon partners for five years. This year, we recognize the Trusted Saskatoon Partners who joined us in 2018. We want to thank them for TRUSTING our team and are identifying each of them individually for providing five years of OUTSTANDING, trustworthy service to the citizens of Saskatoon and the surrounding area! The latest article celebrates and recognizes the valued milestone of the following Trusted Saskatoon partners  Wiegers Financial & Benefits and HTH Accountants.

The Trusted Saskatoon team proudly recognizes & celebrates Wiegers Financial & Benefits' 5th anniversary as a Trusted Saskatoon Partner. 

The dynamic duo Deb and Cliff Wiegers founded the company more than 30 years ago, and this award-winning, locally-owned family business stands as a beacon of trustworthiness and excellence in the Saskatchewan financial planning and employee group benefits industry. Anchored by their vision, the Wiegers lead a dedicated team of professionals driven by passion and care, all united by a common goal – to provide tailor-made financial and benefit solutions that empower businesses, households, and individuals to thrive in the present and future.

At the heart of Wiegers Financial & Benefits lies a commitment to delivering more than just financial services; they craft personalized journeys toward prosperity. This mission is deeply embedded in their work philosophy, where understanding clients on a profound level forms the cornerstone. The Wiegers team delves into their clients' aspirations, goals, and dreams by forging close partnerships. This holistic comprehension enables them to offer financial planning and employee benefits solutions that are not just transactional but transformative.

The Wiegers legacy expands to encompass the next generation – Colton and Randi Wiegers now work in the family business and are committed to continuing the family's dedication to service excellence. 

The Wiegers Financial & Benefits team is deeply rooted in Saskatchewan and is dedicated to strengthening the local community. They support an impressive number of important causes and non-profits and have a particular focus on supporting local children's charities through their charity, Care for Kids by Wiegers Inc. Since 2009, they've raised over $1.3 million for the Jim Pattison Children's Hospital Foundation, funding a pediatric surgical suite and outpatient area. The Wiegers's commitment to our community remains unwavering. Whether it's causes close to their heart, businesses striving to expand, households securing their future, or individuals chasing their dreams, the Wiegers team takes the journey together, equipped with expertise and empathy.

What They Say:


“ Being trusted is of the utmost importance to us. We work in an industry where trust is the foundation of success; to serve our clients effectively, they must trust us enough to share openly with us, including about issues that might be very private and sensitive. They must also be able to trust that we will guide them on the path to financial well-being and that their businesses and families will be looked after, too. This is why we are so proud to be a Trusted Saskatoon partner. Trusted Saskatoon is a highly respected local business committed to recommending other businesses of the highest integrity and ability. Their endorsement means a lot, and we look forward to continuing to earn it for years to come.” - Deb Wiegers

A word about Wiegers from Sara, owner of Trusted Saskatoon.

"I've been a client of Wiegers Financial & Benefits for several years, and I appreciate them managing my company's group benefits. I am confident my employees are receiving the best coverage and support. We especially appreciate the personal level of service Deb Wiegers and the group benefits division offer, and the Wiegers Wellness Partner Program is a great perk! 
On a personal level, Cliff Wiegers and the financial services team have helped me navigate my financial goals with precision and care. From retirement planning to investment strategies, their guidance has given me confidence in my financial future. The team at Wiegers is not just a service provider; they are Trusted Partners who genuinely care about their clients. Their attention to detail, proactive communication, and commitment to finding tailored solutions make them stand out. I highly recommend Wiegers Financial & Benefits to anyone seeking top-notch financial and benefits management. They have made a significant positive impact on both my business and personal financial well-being.”
As they reach the milestone of 5 years as Trusted Saskatoon Partners, Wiegers Financial & Benefits stands as a testament to what can be achieved through vision, integrity, philanthropy and an unwavering dedication to client success. The Wiegers team is not merely in the business of finance and benefits; they are in the business of transformation, growth, community support and a brighter future for all they serve.

Thank you, Cliff & Deb, for your trust and for showcasing that you are an integrity-driven local business and an outstanding, Trusted Saskatoon Partner in the Saskatoon financial services and Insurance categories. 



In a world where financial trust is paramount, HTH Chartered Professional Accountants leads the way. HTH stands for Hounjet, Tastad, and Harpham and is led by the founding partners Roseline Hounjet, Allyn Tastad, and Dustin Harpham. More recently, Hope Fremont and Hanny Cooper were announced as partners. Roseline Hounjet, a founding partner who contributed significantly to their success, announced her retirement, marking a significant milestone in the firm's journey.

HTH Chartered Professional Accountants has mastered the art of building trust. With many decades of experience under their belts, the team at HTH understands that public practice accounting is not just about numbers; it's about fostering relationships based on trust and understanding. One of the cornerstones of HTH's approach is taking the time to comprehend and reach the client's needs and goals. Whether you're seeking assistance with personal tax matters, a small or medium-sized business owner navigating complex financial landscapes, or a not-for-profit organization seeking financial guidance, HTH offers the same unwavering commitment to providing high-quality service tailored to your needs.

While HTH Chartered Professional Accountants is based in Saskatoon, they serve individuals and businesses across the prairies; they've garnered a reputation for delivering consistent excellence in the accounting field. No matter where their clients are located, HTH is dedicated to ensuring that each interaction is marked by professionalism, reliability, and trustworthiness.

What They Say:


“We are proud to be one of the partners at Trusted Saskatoon for the last five years. To us, being ‘trusted’ holds a significant importance – it means we are trusted by our clients and the community to provide quality service and we are able to maintain that trusting relationship that keeps our clients coming back year after year. This helps them to refer their friends and family to us and know that they are in good hands. We appreciate all the support we’ve received from Trusted Saskatoon over the last five years, and we look forward to continuing to build our relationship within our community.” - Hanny Cooper, HTH

Sara's Experience with HTH 


“ As a client of HTH Chartered Professional Accountants since I moved to Canada in 2006, I can attest that HTH is more than just an accounting firm; they are a comprehensive business resource. Their level of care, commitment, knowledge, and experience, coupled with a dedication to understanding their clients' needs, allow them to provide invaluable support. I am extremely grateful for their wonderful support and assistance for both my personal and business accounts." 

As HTH Chartered Professional Accountants in Saskatoon celebrates its 5th anniversary as a Trusted Saskatoon Accountant, their commitment to building trust, understanding client's needs, and delivering high-quality service remains unwavering. In a world where financial guidance is essential, HTH stands as a shining example of trust and reliability, ready to guide individuals and businesses toward financial success for years to come.


Trustedsaskatoon.com will save you time, save you hassle and save you money. Our local Trusted Saskatoon team is committed to finding outstanding businesses like the Partners we have highlighted above. Be assured ALL the companies featured on our Saskatoon directory have been checked and verified,  and in addition, they are annually contracted to uphold the 5 TRUSTED GUARANTEES of service! 

5 Trusted Guarantees

  1. Provide the service and quality promised.

  2. Complete the job on time.

  3. Charge the price quoted with NO surprises.

  4. Communicate honestly and be responsive to customer needs.

  5. Resolve any issues with customer satisfaction in mind.


Trusted Saskatoon was founded on the principle that great local businesses deserve promotion. 

Please help us by nominating your favourite Saskatoon businesses here.

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