Here are 5 things you need to do, financially, once you’ve had a baby.
So you’ve just had a new baby and the number of things you need to do can be overwhelming.
Here is a handy top 5 of the most important things to do from a financial point of view.
Of course, everything is important but these need to get done right away.
1. Get their birth certificate
Get your child’s birth certificate and Social Insurance Number.
You can get the child social insurance number free on the government of Canada website at canada.ca.
You can get the birth certificate free on your provincial government, on the Newborn Registration Services website.
2. Update your benefits
Update your child on your benefits plan at work.
Your HR admin has instructions for this.
It’s just a simple form to fill out with basic information.
3. Update your insurance
If you already have life insurance, update the beneficiary to include your new child and look at adding additional coverage as this is a major life event.
If you don’t already have life insurance, get it.
Contact us.
4. Update your will
Write or review your will.
This is crucial to ensure your children are looked after if anything happens to you or your spouse.
5. Set up an RESP
Set up their RESP education savings plan ASAP.
There are government grants and incentives that give you free money so go get it.
There are a lot of things you need to do when you have a baby, these are 5 very important ones.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
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