2023 June Update

by | Jun 19, 2023

It’s here! It’s here! It’s officially HERE!

As of Wednesday June 21, 2023, summer in the northern hemisphere has officially arrived.

In Canada, summer is a very big deal. Weather is basically its own personality in our nation. Our winters are dark, and often bitterly cold. There are storms on the east coast, piles of snow just about everywhere, and relentless rain on the west coast. We missed the sun so, so much.

Summer feels like freedom. We get to go outside wearing the same clothes (or lack thereof) that we were when we were inside. There’s warmth. There are bodies of water, forests, and mountains that we can explore. There are backyard barbecues, rooftop parties, and driving trips where your only danger is the other vehicles. Possibly a moose or two, but mostly it’s the cars and not the ice, the wind, and the snow.

It’s a time of year when we feel like we can let loose.

Unsurprisingly, Canadians spend a lot of money in summer. We travel, we camp, we dine out, we send our kids to summer camps, we open up cottages and cabins, we attend concerts, and so much more. Tourism is a thriving business in our country and a lot of those tourists are us, finally being able to enjoy some parts that were limited in other seasons.

Often, when we’re discussing what a really great life costs for you, we find that people dismiss the costs associated with summer (as well as the costs associated with winter holidays!). Then we get to fall and start to feel some regret, some stress, and some shame about ourselves. We judge the person we were in summer, that free spirit with an open wallet, who felt as though they only lived once and decided to splurge… every single week.

As you enter summer 2023, we want you to have a little empathy for the YOU that will exist in the next season. That person is already going to be a bit sad about the personality our weather has decided to take on in the next six months or so. That person is already going to be working hard to catch up on those career, education, and personal development activities that might have been set aside while you enjoyed the glory of that sun being up for basically the whole day.

Given the current financial environment, with continued interest rate hikes hitting those with mortgages pretty hard, and inflationary increases hitting everyone, everywhere equally as hard, you might be feeling a little anxious. We don’t blame you. These are things that are wildly out of your – or anyone’s – control, and they impact us in a very deep way.

As you enter into summer, we invite you to first ask yourself:

What will make this the best summer that I can have in 2023?

Remember that while we all missed out on getting together with people when we weren’t allowed to, that you don’t have to get together with everyone. Remember that while we missed the outdoors and the parties and the concerts or whatever floats your particular boat, we don’t have to go to every single event. Remember that memories are made with time, connection, relaxation, and not necessarily with money.

What are you intentionally creating with your summer? Deeply define that first and foremost.

Then, start thinking about the costs. Give yourself permission to spend what you can reasonably afford on enjoying your life with intention. If you’re struggling with how exactly that works, don’t forget that we work very closely with Kathryn Mandelcorn, who designs cash flow plans that feel good and produce positive outcomes. Very often, this is the first best step in a longer-term, full financial plan that supports the rest of your life. You can book time with her for a full plan, or even just a little discussion, right here.

Let’s make this the best summer of 2023 we could hope for!


Spring Team



Practice Notes:

Team Announcement: When it comes to “bittersweet” this practice announcement fits the bill exactly. Sandi, who co-founded Spring Planning with Julia and Krysten in 2017, has taken a new step in her career. Design thinking, as you may know from reading our many, many articles, is something we practice as well as preach, and this practice has led Sandi into her next phase.

Sandi has always been a dedicated volunteer in her community in Gravenhurst, both with families experiencing poverty and annual tax clinics for those who need the support. She’s now deepening her community focus with her new position as Business Development Leader at the Muskoka Community Land Trust, a nonprofit that stewards community land for community good, including permanently attainable housing. She’ll be continuing some independent financial planning work as a solo artist, since the infrastructure of Spring Planning won’t be necessary for her work going forward. You’ll be able to find her at sandimartin.ca.

We’re delighted to encourage Sandi on her personal pathway to success, fulfillment, and joy, and we’ll miss her inside our business every day. We’ll continue to collaborate with Sandi where it makes sense for everyone, and of course, any of our clients who have worked closely with Sandi in the past can feel confident that we will all continue to support you, without interruption, as we have in the past.

Summer holidays are booked for our team, starting Saturday July 29th. We will return on Monday August 14th, and probably spend the whole day managing emails.

“Free” Fridays remain booked permanently in our calendars. These days are free to us at Spring in the sense that they are our opportunity to work on becoming better planners, whether through collaboration and discussion, education, research, or even a little down time. It’s been a regular practice since the summer of 2017, and we will continue to set aside the time to become better versions of ourselves every week. Even 1% better is solidly worth it, because we know that will be reflected in the work we do for you.


Julia is currently back in Toronto for the annual STEP National Conference, where she is very happy to be an attendee rather than a speaker for the first time in a while. She’ll be back Friday June 23.

Julia will be in Calgary July 11 through 13, teaching a workshop on transformative advising, connecting with local friends and business colleagues, and of course checking out some live music at the Stampede!


Spring in the News:

In the past month, Julia hosted the Family Enterprise Symposium in Ottawa, co-presented with Kathy Bright of Trella Advisory on Governance in Family Enterprise at the Vancouver Estate Planning Council, and was a faculty member teaching Governance & Strategic Advising for Family Enterprise with CLEBC.

Clearly, she likes talking, and is delighted that this many people seem to enjoy listening. Hopefully that holds up for a while!

Please check out our media page here for videos, podcasts, interviews and more.


Planning News Digest:

  • The Magic of Not Giving a F***! – Cover your ears and get out the swear jar! Sarah Knight, author of The Life-Changing Magic of Not giving a F*ck shares her method of investing her time and energy in things that matter. Watch the video here.
  • Preparing the Next Generation – A Family Business Roadmap – The Family Enterprise Foundation has released research and insights for families working on maintaining family harmony, business longevity, succession, transition, and continuity. Roadblocks and pitfalls are discussed and managed along the way. You can read the research here, and listen to an 18 minute podcast in English or French, right here.
  • Canada Revenue Agency Announces Prescribed Rate for Q3 2023 at 5%: – The “prescribed rate”, set every quarter of the year, is the interest rate that governs things like loans between family members. Government rates on overdue tax, Canada Pension Plan contributions, and EI premiums are set 4% higher than the prescribed rate. Read the full announcement here.


Feature from the Archives:

Building Community with Your Financial Plan – How are your values reflected in your finances? One of our top values is “Community” and here’s how we were thinking about it back in 2021.


Never miss an update from Spring by signing up for our monthly newsletter here.

Julia Chung
Latest posts by Julia Chung (see all)