Keep track of your money with a spending plan
By creating a spending plan, you can trim your expenses and monitor your debt. This can help you decide whether to spend money on things like restaurant meals, vacations and top-of-the-line electronics. Cutting spending on these items can help you pay for immediate needs, like baby furniture or child car seats.
Get to know your province’s maternal and parental leave rules
Total weeks of maternal and parental leave vary by province and territory, ranging from 15 to 18 weeks for the biological mother and 35 to 52 weeks of sharable parental leave.
Learn more about the financial help available through Employment Insurance (EI) – or in Quebec, the Quebec Parental Insurance Plan (QPIP) – on the Government of Canada website.Opens a new website in a new window
Start your research on childcare
When it comes to child care, Parents who live in Quebec may enjoy subsidies that limit daycare fees to a maximum of $7.30 a day. For the rest of Canada, daycare can range from $700 to more than $2,000 a month, with costs highest for infant care.
You may be able to claim a deduction for these child care expenses when you file your tax return.
The sooner you start your search, the sooner you can get your name on waiting lists for the daycares of your choice.
Learn about your insurance options
Having children is the perfect time to look at how you’re protecting your loved ones.
If you’re looking for protection that meets your family’s needs but your funds are limited, term life insurance might be the route to take. It’s a good choice for a growing family.
Build your child’s education fund with an RESP
With the cost of college and university increasing, Registered education savings plans (RESPs) make sense for many parents.
Although RESP contributions can’t be deducted from your taxes, they grow tax-free. Plus, qualifying withdrawals are treated as the student’s income, which is typically taxed at a much lower rate.
The federal government also provides incentives that add $1 for every $5 you put into an RESP (up to $500 a year and $7,200 total), with some provinces offering additional incentives. Total RESP contributions are capped at $50,000 per beneficiary.
Ensure your plans are in place with a will
A properly prepared will can help ensure your children’s financial security. Do-it-yourself will kits are an affordable option, but the extra money you would pay for an estate lawyer could lower the risk of your intentions being misunderstood.
Maybe add something about reviewing beneficiaries on insurance policies and investment accounts. Also, who will you choose to be a guardian. Lastly, possibly naming the child as a contingent beneficiaries.