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 important financial things to do when you have a new baby. Of course everything is important but these usually need to get done first.
- Get your child’s birth certificate and Social Insurance Number. The government Newborn Registration Services website lets you do this quick, secure and free. Click the link and select your province.
- Update your child on your benefits plan at work. Your HR admin has instructions for this.
- If you already have life insurance, update the beneficiary to include your new son or daughter and look at adding additional coverage as this is a major life event. If you and your spouse don’t already have life insurance, get it.
- Write or review your Will. This is crucial to ensure your children are looked after if anything happens to you or your spouse. Use a Wills and Estates Lawyer for this. We've got a few good ones that we use and can introduce you to.
- Set up their education savings plan RESP. There are government grants and incentives that give you free money for school. You should get that money. The earlier you can set this up the better. * Pro-tip grandparents love giving money for these so set it up right away.
- There are a lot of things you need to do when you have a baby – these are 5 very important ones. Some of these require a trusted advisor - if you need an introduction to a licensed expert, please call or email and we’re happy to help you or introduce you to someone in our network.
RESOURCES
- Newborn Registration website for child's SIN number
- More about BC RESP grant click here
- Gov't of Canada RESP website
- Watch this video on Youtube
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.
Related Insights
Wealth and Legacy: A Deep Dive with Vince Cardella
In this episode of The Wealth Multiplier Podcast, host Laurent Munier of Safe Pacific Financial sits down with Vince Cardella, Principal of Strategic Wealth Planning...
RRSPs for Canadian Business Owners, should you invest?
You have two main options: keep the funds inside the corporation or withdraw and invest personally. Today we’re going to go through these 2 scenarios...
Leveraging Your Whole Life Insurance Policy as Collateral for Loans in Canada
When it comes to building financial security and achieving your goals, creativity and strategy are essential. Today, we’re exploring a powerful tool that can open...
The 6 Essential Principles of the Infinite Banking Concept Explained
Here’s what you aren’t understanding about Infinite Banking. Building anything of lasting value begins with a solid foundation—the basics. While Infinite Banking may seem like...
The Capital Dividend Account: A Comprehensive Guide for Business Owners
Why does it exist, and how does it work? Let’s break down the essentials of this game-changing tax provision called the CDA We at Safe...
Merry Christmas – Safe Pacific 2024 Highlights
We’ve been advising Canadians about life insurance and their personal finances for over a decade, almost 15 years now. But today’s video is a little...
Christmas Party 2024 Photo Gallery
Thanks to all who came out to celebrate the season at our annual Christmas Party. We hope you all enjoyed the festivities at The Vancouver...
Interview with the Head of Individual Insurance Business at Equitable Life: Martin Reeves
Equitable Life has long been a trusted name in the Canadian insurance landscape. Recently, we had the privilege of sitting down with Martin Reeves, Head...
The Infinite Banking Strategy for Canadian Business Owners: How It Works and Why It’s Effective
Growth has rocketed especially since the federal government has been increasing taxes on everything – especially you and me, the greedy business owners who make...
Top 5 Ways Infinite Banking Benefits Canadians
Now, this isn’t just some financial theory for us. I've been using this strategy personally and we’ve been setting it up for our clients for...
Are TFSAs good for small business owners?
One of the main tax advantaged accounts you can use in Canada is the TFSA – Tax Free Savings Account. This is one of our...
Family Office vs. Multi-Family Office: Key Differences, Benefits, and Which is Right for You
Now obviously, every family office is going to be different from family to family, however there is an important distinction between a single-family office and...
