Your
New Baby
Author:
Maritime Life
Preparing
for your baby’s arrival
So
you're having a baby. It's a pretty exciting time. Whether you’re adopting
or expecting, there’s lots to do to prepare for your new arrival.
Having
a baby comes with tremendous responsibility; your life will be forever changed
once there’s a little person depending on you for his or her every need.
With this realization, protecting your family’s financial interests
will take on a whole new meaning.
Protecting
your family's income with life and disability insurance is an important first
step for building financial security. You might also want to begin saving
for your child's education using an education savings fund, in-trust account,
or a combination of the two.
It's
not unusual for retirement savings to take a back seat to the ongoing expenses
of providing for a growing family. While you may have to reduce the amount
you put away as your expenses rise, don't give up on your RRSP completely.
Even a small contribution from each paycheque will grow significantly over
the years.
In
addition, it’s important to familiarize yourself with the deductions
and credits available to you through the tax system. The childcare deduction
is usually a big one. Everything from a nanny or daycare, to occasional babysitting
expenses can be claimed, as long as you provide receipts. Whatever you save
on taxes can be re-used to pay down your mortgage, boost your kids' educational
savings or take a vacation.
And
at no point is a will more important than when you have children. The peace
of mind alone is worth the money it takes to make a will. While you're talking
to your lawyer about your estate, find out about the rules surrounding guardianship.
You'll want to choose someone who will raise your child as you would.
Raising
a family is a big responsibility. By taking care of the details today, you
can relax and experience the joys of parenthood.
To
help sort through your options, consider the advice of a professional advisor.
Independent financial advisors have the skills to help you assess your situation
and create the life insurance policy that’s best for you.
-
Maritime Life
