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Welcoming a new addition
From diapers to diplomas, your child’s well-being requires a considerable financial commitment.
A new addition to the family can bring a flurry of one-time costs – you may need to purchase a crib, car seat, stroller. You’ll also be faced with new ongoing monthly costs. Now you’re paying for diapers, food, clothes, and daycare. We can help you evaluate your new circumstances and develop a budget that considers your new priorities, as well as any change in income caused by parental leave.
Of course, now that your new addition has arrived, you’ll want to provide for them in the event an accident or illness prevents you from earning an income. If you’re a stay-at-home parent, you should also consider the cost of replacing your caregiving with professional childcare if something should happen. In addition to evaluating your insurance needs, you will need to revisit your wills and estate plan, ensuring they reflect your growing family. We will help you understand all the impacts to your financial plan now that children have entered the picture.
And finally, with the immediate adjustments to your finances covered, you’ll want to start planning for your child’s future education. Post-secondary education has never been so vital – or so expensive – and the earlier you begin to plan and save regularly, the better you’ll be able to cover these costs. We can help you take advantage of government programs such as a Registered Education Savings Plan (RESP), the Canada Education Savings Grant (CESG)1 and other provincial programs. We’ll also provide advice on whether additional savings through investment accounts and trusts may be right for you.
It’s quite an adjustment, emotionally and financially, to welcome a new addition to your family. But with a solid plan for tackling your changing expenses and saving for the future, you can relax knowing your child has the best chance for success.
1 The Canada Education Savings Grant and Canada Learning Bond (CLB) are provided by the Government of Canada. CLB eligibility depends on family income levels. Some provinces make education savings grants available to their residents.