Financial considerations when you’re raising a family
As you begin to raise a family, your financial needs are bound to change. You will be responsible for protecting and providing for your children, including day-to-day expenses, recreation and future educational needs. Here’s what you need to do to give your family the best you can.
Do your homework
- Know the ins and outs of maternity and parental leave
- Know about child care costs and tax breaks
- Build a safety net for your family
Look into the future
- Start early with a Registered Education Savings Plan (RESP) that takes full advantage of federal and provincial programs (such as the Canadian Education Savings Grant – CESG*)
- Begin an investment portfolio designed to save for university or college
- Take full advantage of all post-secondary tax credits
Plan your legacy
- Revise your will to include trustees and/or guardians for your minor children
- Review your estate plan regularly and as your personal financial situation changes
- Develop your estate plan in consultation with your accountant, lawyer and other professional advisors
Children can bring great joy into your life – but they also bring with them many new needs to be met and goals to fulfill. Talk to your legal and professional advisors to get the right plan for you and yours.
Date reviewed: September 30, 2015
*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.
This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial Services Firm), and Investors Group Securities Inc. (in Québec, a firm in Financial Planning) presents general information only and is not a solicitation to buy or sell any investments. Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.