SPECTRUMLY SPEAKING August 2023

Hello! We hope this newsletter finds you and your family well and enjoying the summer season. Hard to believe we are closing out on August and kids are getting ready to head back to school. Planning ahead for their Post-secondary education is so important and there is government funding to help with these costs. If you are a parent or grandparent and wish to learn more, we are here to assist. If you have a graduating teen and want to learn the best strategies for withdrawing these funds, we are here for you as well. The government has made some positive announcements this year - higher initial withdrawal amounts for RESP's and no more interest payments on the Federal portion of OSAP loans! If you have big ones, or little ones in school, we wish them a very successful transition into the new term! Even if you do not, watch out for those flashing school zone crosswalks! Stay healthy, stay safe, and stay in touch! Karen, Richard, Janet, Jeni & Cathy

Articles of Interest

Are You a Checker?  It used to be, that we received our investment statements annually, in the mail -and that was it. Today, we can check our investments at any time we want, and from anywhere. How often you check on the progress of your investments can make a huge difference in the odds of a holding period showing us positive returns -which can really affect our investment perception! Check In

Canadian Banks The Soundest in the World In the US there have been 564 bank failures since 2001, compared to zero failures of Canadian banks during that same time period. With strong regulations, and the concentrated nature of our banks, our system is equipped to endure. Click below to find out what other factors have contributed to the success of Canada's banking system. Safe & Sound

How Can Life Insurance Keep The Cottage in the Family? Let's face it, no one wants to have to sell the family cottage. The value is much more than monetary; it's years of beautiful memories. So, how can Life Insurance help to keep the family cottage in the family? It's all about how to pay the taxes most effectively. This article outlines the strategy, and we are here to help implement it! Family Cottage RESP Withdrawals The years of saving for your child's post-secondary education have finally come to an end & now it's time to start putting the money to use. This article outlines the withdrawal options and rules. Important to note: The federal government has increased the allowable amount of grant and growth that can be withdrawn in the first 13 weeks to $8,000 for full time students, and $4,000 for part-time students!  RESPs

Should you Invest after a major world event? History says yes. Click the graphic below for a larger version.

Spectrum Office Updates & Tips

Karen is Hosting a Special Needs Planning Webinar

If you, or someone you know are parents or guardians of a special needs child, or adult under 50, Karen will be hosting a seminar not to be missed. She'll take you through the complexities of the system, and how to make the most of government money. As a Financial Planner, and a Mom to a special needs child, this is really her area of expertise!

Click Here to Register

New Phone System Just a reminder that we have updated our phone systems and all telephone calls will now be recorded. Please note this is for our client's protection, quality assurance and training. If you have any concerns about this new procedure, please reach out.

Financial Markets Week in Review For those interested in a deeper look at what happened in the financial markets this past week, this is for you.

Spectrum Financial Strategies 134 Collier Street, Barrie, ON L4M 1H4  705-725-0562 www.spectrumfinancial.ca

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