Children Soon to Leave Home

Q.1. How will my financial plans change after the kids leave home?

There will be financial changes. Your taxes will change and you could also have extra money. Your needs will also change and this will bring about changes to such things as insurance needs.

Q.2. How will my taxes change?

You may pay more taxes as you lose certain tax deductions. For example, if you were claiming a child’s tuition fees, you will now lose that deduction. With any extra money you now have, you may now be able to put more into an RRSP which will help reduce the amount of tax you pay.