Planning for a Family

Q.1. How much does it cost to raise a child?

As you begin planning for having children it is important to understand the cost involved with raising a child. Needless to say, there will be increased demands on your finances as raising a child can cost over $180,000.

Q.2. How do children change the way we plan our finances?

Once a child arrives on the scene finances are viewed with a different set of priorities. In addition to the everyday expenses, you now need to consider such things as providing long term security for the child and future educational expenses. These concerns will alter your financial goals and planning.

Q.3. How much would I have to save for my child’s education?

The cost of your child’s education is dependent upon a number of factors such as the number of years before the child will attend post secondary institutions, the program selected, and whether or not the child will be living at home during this period of study. The Building Futures Planning Guide can help you understand and anticipate these costs.

Q.4. Where can I get help for educational savings?

You can open a Registered Educational Savings Plan (RESP) that will help you save for your child’s education. The federal government will also help with these costs through the Canada Education Savings Grant and The Canada Learning Bond.

Q.5. How can I protect my family?

Once you have a family you should consider taking steps to ensure their financial security. One way to do this is to take out the necessary insurances to protect their health, life and financial situation. In addition, you should make a will and consider power of attorney choices.