SPECTRUMLY SPEAKING
July 2022
Greetings!

We hope this e*newsletter finds you and your family well and enjoying the summer season so far!

With kids out of school, plans for cottage time, camping or vacations are potentially underway, along with backyard BBQ's and time with friends. The busyness of the summer can be overwhelming but be sure to carve out some time for you and to reflect on what is truly important. With interest rates and inflation rising, let's try to stay focused on minimizing costs and our longer term goals.

As always, we are here to help you put plans in motion and to discuss any adjustments needed under the current landscape. Be sure to reach out to us!

Please continue to stay safe, stay in touch, and stay positive.

Karen, Richard, Janet & Jeni
Articles of Interest
New Tax-Free First Home Savings Account (FHSA)

For many years, Canadians have been taking advantage of the First Time Home Buyers plan, under their RRSP program. Now there's a new option for first time buyers; a tax-free way to save specifically for a home.
Both are great programs;

Karen simplifies the details in this breakdown and would be happy to discuss which may be the best option for you or your children.

How to Save on Groceries

If you are the grocery shopper in the family, you've seen the price increases for yourself. Your budget may not be able to keep up. There are some ways to decrease your grocery bills; some will take more diligence than others, but your bank account will thank you.

My favourite tip to share, is to not buy individually packaged foods or drinks. It only takes a few minutes to divvy up a package of crackers into snack sized bags, ready to grab!
How Do You Choose the Right Life Insurance?

Lucky for you, it isn't something you have to figure out on your own. Each person's situation is entirely individual. We sort through the Insurers, and the options, and choose the best coverage together with our clients.
Everyone should be well informed; here's an article that explains Life Insurance basics in simple language.

Rising rates, Inflation & Recession

The Bank of Canada raised it's lending rate once again this past week, which affects Canadians in multiple ways.

In this very informative video, CIBC's Benjamin Tal explains these issues and helps us to understand how they may affect us now and into the future.
Staycations are the Way to Go!
The news has been rife with tales of overbooked flights, lost luggage, and passport delays. We'd say that now would be the perfect time to book a staycation. That doesn't mean you have to stay home - you can travel your local area freely now, and bonus, no passport required! With the right research, you'll be amazed what beautiful destinations can be reached, just hours from home.
Start by searching your surrounding areas tourist boards, cultural events, historic landmarks, or Parks Canada websites!
Here comes the financial advice part - there's still a Staycation Tax Credit available for travelling within Ontario in 2022. If you're outside of Ontario, check your provinces individual tax credit availability.
Continuing Market Volatility
As markets continue to be a tremendous concern, we wanted to share this diagram, showing a 40 year historic period. The blue dots illustrate the lowest negative point the main US Stock Index reached at some point in each year and the green bar shows where the index ended up at year end.
Although, we are not projecting that we will be in positive territory by December 31, 2022, these past numbers do provide us with perhaps a small comfort knowing we will come back from this current market negativity.
Spectrum Office Updates
Summer Hours

With the hot & hazy days upon us; we may not always be in the office on Friday afternoons!
You also may find that we are taking some time off to enjoy the season with our families, over the next few months.

We appreciate your understanding and hope you are also able to take some time off to relax, rejuvenate, and have fun
this summer!

Keep Us in the Loop !!

Have you gotten rid of your landline and using a cell phone as your main contact?
Changed your email address, your employment or marital situation?
It is important that we have updated information for you.
Be sure to let us know what has changed in your lives!
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.