SPECTRUMLY SPEAKING
November 2022
Hello!

We hope you and your family are all well and getting into the spirit of winter!

As the holiday season approaches and we make plans to get together with people that are truly important to us, it is a good time to think about those all important conversations that we should be having ~ discussions around financial goals and estate planning.

Although you may not want to broach this during a festive meal, begin to put your thoughts together and perhaps set a date for a family discussion in the New Year. If we can help with ideas on how best to approach these conversations, please reach out. We are always here to assist in any way we can.

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

Karen, Richard, Janet & Jeni
Articles of Interest
Aging Well

Many seniors believe they've prepared for their family's financial future, but few have properly outlined their wishes, and had the necessary conversations. 
It's so important to leave clear, concise directions for your loved ones, including a list of all your trusted contacts and advisors.
Fidelity has published a beautiful planning, conversation, and resource guide that could bring you peace of mind.
Please contact us below if you would like a copy mailed to you!
End of Year
Tax Planning

December 31st is an important deadline to minimize some of your taxes owing.
 
With the current market conditions of 2022, tax loss harvesting may be a planning strategy you should take advantage of.
Other items, such as charitable giving could be explored.

This short video from CIBC compiles the basics of end-of-year tax planning.
How Do We Raise Grateful
Children?

With Christmas fast approaching, considering our own tightening gift giving budgets this year, it makes us think about gratefulness.

If, as parents (and grandparents!) we can't afford the gifts we may have given in the past, have we raised our kids with enough gratitude to be truly thankful?

This article has some really great ideas from real parents -the simplest being, say please & thank you to your children, and explain why you are thankful.

What Does a Recession Mean for You?

It's no secret we may be heading into a recession, but what does that mean, and what could it mean for you, personally? A lot depends on how much debt you hold, be it a credit card, bank loan, or mortgage. Rising interest rates, rising inflation and stock market drops mean that we're spending more, and earning less.
This article from Sunlife goes into greater detail, and provides suggestions on how to get through this dip. 
As always, everyone's situation is unique, so your best advice is from your personal Advisor - call us anytime.
2023 TFSA Raise!
For the first time since 2019, the Tax Free Savings Account limit has been increased by $500, to $6,500. and the cumulative maximum contribution amount, starting in 2023, will now be $88,000.

If you'd like to discuss whether a TFSA would be a beneficial strategy to use with respect to your overall planning, please contact us.

For those clients that have authorized us to process an automatic maximum purchase in January each year, please be sure to let us know if you are good to increase this amount by $500.  
Spectrum Office Updates
Barrie Colts, vs the North Bay Battalion!

Thank you to everyone that turned out for the Colts game on November 12th. We cheered, we clapped, we honked - it wasn't quite enough to help the Colts triumph over the Battalion, who seemed to be having an exceptional night.
Judging by the smiles and enthusiasm in our section, we all had fun!

Spectrum Holiday Dates
With the holiday season fast approaching, we wanted to let you know that the Spectrum Team will be taking some well-deserved time off over the holidays to spend with our family and friends!

Please take note that our office will be closed from
December 26 to January 3rd.
Contribution Reminder
Just a friendly reminder that time is quickly running out to get in your RDSP, RESP or TFSA contributions for 2022.

Please get in touch with as in the coming few weeks and we will help you to arrange this.

Although the markets are concerning at the present time, it is a good time to invest.

"Be greedy when others are fearful"
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.