Joy, opportunities and experiences are certain to follow the birth of a child, but it also introduces a lot of new expenses for parents.
The Financial Consumer Agency of Canada (FCAC) has added a new “life event” to its website to help parents manage their new financial responsibilities.
Having Children is a comprehensive online guide that provides tips on saving money, budgeting, applying for maternity leave and benefits, and ways to plan ahead.
“Having children changes a lot in your life very quickly,” says FCAC Commissioner Ursula Menke. “Most people know there will be new costs for things like diapers, baby equipment and child care. But they may not realize how many expenses they may be facing, how high they can be, or where they can get the unbiased financial information they need to help them as they take on their new role as parents.”
The guide covers a number of different topics:
> preparing financially for baby;
> maternity and parental benefits — how to apply and how much you will receive;
> income tax and your maternity and parental benefits;
> new parent financial checklists;
> saving money on baby expenses;
> costs of child-care options;
> reviewing your family’s insurance needs; and
> Registered Education Savings Plans (RESPs).
FCAC’s full suite of life events, including Having Children, Living as a Couple, Moving Out on Your Own, Starting Your First Job, Planning Your Retirement and Dealing with Debt are available on its website: itpaystoknow.gc.ca.