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.
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 & More Info
We don’t offer all 5 of these things, but we have a good network of trusted professionals who can help you set up the parts we don’t do. Contact us through the form below.
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