Compassionate Guidance
Inclusive Solutions
Special Needs Planning
with Spectrum Financial
Spring 2024
Greetings!

We hope this newsletter finds you and your family all well and looking forward to an incredible spring season.

With all the April showers, we expect an abundance of blossoming May flowers!

If you, your family or friends have any questions around financial planning for an individual with special needs, please be sure to reach out to our office. We are here to help in any way we can.

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

Karen, Janet & Cathy
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News & Resources
Federal Budget 2024 Highlights

Here are a few areas that may be relevant to special needs families:

  • Canada Disability Benefit - The government proposed a maximum benefit of $2,400 per year for low-income persons with disabilities who are between the ages of 18 and 64 and have the Disability Tax Credit. This could mean up to $200 a month in additional support, beginning July 2025 if approved. 
  • Starting next year, Canada Mortgage and Housing Corporation is set to launch a Canada Secondary Suite Loan Program. Homeowners could access up to $40, 000 in low-interest loans to add a secondary suite to their existing home.
  • Changes to the Income Tax Act could expand the list of items that would be eligible for the Disability Supports Deduction such as service animals, ergonomic assessment & devices and alternative computer input devices.
  • Automatic tax filing for low Income Canadians.
Budget 2024 Disappoints

In the press release below, Inclusion Canada expresses profound disappointment over the inadequate funding allocated to the Canada Disability Benefit (CDB).

We totally agree that the announced funding falls far short of what is necessary to fulfill the program’s primary objective: lifting people with disabilities out of poverty.
Fabulous Toolkit for Parents/Caregivers for Children Ages 2-10

We all share the same dream for our children—a life filled with friends, joy and opportunities. As a parent of a child with a disability, you already have a  lot on your plate. But there are things you can do NOW that will make a huge impact on your child’s future. The Early Planning Toolkit will get you started. 

Check out this incredible toolkit, and so many more resources, from our friends at Partners for Planning.
Employment Gap for people with Disabilities

In its latest report entitled
"Disability, Inclusion and Work",
published in 2022, the OECD observes that "while employment rates for people
with disabilities have improved over
the past decade,. the gap between people with and without disabilities when it comes to employment
remains significant." 

Canada ranks 2nd, but there is still so much room for improvement.
Disability Tax Credit
Applying is now easier!

Applying for the DTC has been notoriously a lengthy process. In 2023 CRA made the process easier by going digital! Now, via My CRA Account, those applying can complete Part A of the application, obtain a reference number, and provide that to the qualified medical practitioner to digitally complete and submit Part B.

There is no longer the need to print and take the physical form to the doctor.
Mental Health Week
May 6-10

We all have the capacity to be compassionate, and we know that doing so can make an enormous difference. This year’s Mental Health Week is centered on the healing power of compassion. 

In a world plagued by suffering, we emphasize that kindness is equally intrinsic to our humanity.