SPECTRUMLY SPEAKING
July 2023
Hello!

We hope this email finds you well and enjoying the summer season!

Are you up for some reading under a shady tree? Well, this months newsletter is packed full of great articles and updates;
Spectrum is growing, the First Home Savings program is now available and there is still 2 weeks remaining to tap into a great High Interest Savings rate.

As always, please feel free to share our newsletter with anyone you feel may find value in its contents.

We hope you have a thoroughly enjoyable summer season!

Stay healthy, stay safe, and stay in touch!
Karen, Richard, Janet, Jeni & Cathy

The First Home Savings Account (FHSA) is now available!!

If you, or someone you know, is saving for their first home, this
is an incredible opportunity that should be explored. Connect with us to learn more ~ we can help you to determine if this plan is right for you!
Articles of Interest
Who Qualifies as a First Home Buyer According to the CRA?

Canadians who are hoping to open a First Home Savings Account, are encouraged to pay close attention to qualifying rules. The basics are pretty straight forward; if you are a first time home buyer, you can contribute $8,000 per year up to $40,00 total limit, tax free.
The complexities start when you bring in a spouse or partner. Even if they've never purchased a home before, they can't open an FHSA, or make a withdrawal from their existing FHSA for years after leaving or selling the marital/partnership home. But what if there's a Prenuptial agreement...? Click below for the technical answers! 
The 2020's Have Changed
How We're
Planning for Retirement
With recent volatility and inflation, many Canadians are seeing their retirement funds depleted. Optimism among pre-retirees is down 7% from just
5 years ago.
Having a financial plan, and having it reviewed and adjusted regularly can make a huge difference in feeling both financially prepared for, and psychologically prepared. 
Click below for more findings from Fidelity Investment Canada's latest retirement report.
What is a Recession and
are we In one? 

Although a recession is defined as having two consecutive quarters of decline in Gross Domestic Product (GDP), experts have to take a deeper look at what is going on in the general economy. 
Many factors can affect how long and deep a recession may be, but we have to remember that they are a part of the natural economic cycle. Central Banks can change monetary policy to help make adjustments to shorten a recession, but they will always occur -as will recovery! 
Why a Family Resort is
a Great Vacation Idea!

With the many options for vacationing, you may not have considered a Family Resort in your own province. Many are within just a couple of hours from most cities, and the numerous activities & amenities make it practically planning free! Most have pools, and lake/ocean access, and equipment like canoes, kayaks and bikes to borrow or rent. No need to meal plan with dining options on site. With child minding, and children's activities, parents may even get some well-deserved alone time!
A quick internet search, and your inclusive vacation could just be a few clicks away!
Spectrum Office Updates & Tips
Welcome Cathy!

We're pleased to introduce the newest addition to our Spectrum Team,
Cathy Bricker!
Cathy comes to us with strong administrative experience in the Financial Planning field -both in Canada, and the US! She is a proud Mom of 2 grown sons, and
Grandma of 1!
She's already been a great fit, and we know you will all enjoy her amiable nature and keen sense of humour!
New Phone System
We have updated our phone systems and wanted to let you know that 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.
There's still time to take advantage of Manulife Bank's High Interest Savings Account promotional rate of 5%!! If you apply before July 31st, with a minimum deposit of $1,000, you can earn 5% interest for 4 months.
Click on the image to easily open your account or connect with us for more details!
Summer Hours
Just a reminder over these warm months we may escape early on some Friday afternoons.
You also may find that we are minimally staffed, as we take some time off to enjoy the season with our families.
We appreciate your understanding and hope you are also able to take some time off to relax, rejuvenate, and have fun this summer!
Why is money called dough?
Because we all knead it!
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.