Calgary Baby Guide 2022-2023

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BUDGETING FOR Baby BY LAURIE AND GORDON BRANDEN Every change in family structure such as getting married, moving in together, or having children, contains an evolving financial landscape. The free online Budgeting for Baby seminar offers a wealth of information on a variety of topics and lays out the most important financial tasks that often commence with the arrival of your baby. The first thing you should do is assess where you are financially. Look at your savings, your maternity/paternity income, and what you expect to get in Canadian Child benefits. As well, consider your one- time and monthly expenses that you will incur upon baby’s arrival. This will help you formulate a solid financial plan and help you to understand what you want your future to look like. If you haven’t done so already, consider your options for life insurance and RESP’s as you include your children’s needs in this preparation. It can be daunting, but you will feel so much better once you have a strategy to provide for your child’s future and take the necessary steps to protect your family, should anything unforeseen happen in the future. Why should you open a RESP? The cost of a post-secondary education continues to rise and saving early can help you achieve your goals. Flexibility: If you open an Individual RESP, you can contribute into the plan up to a lifetime limit of $50,000 per child. As the subscriber, you have control over your deposit amounts and can make changes as you need over time. Guaranteed free grants. The government will match a percentage of your contributions! Any money you put in, up to $2500 per year, will be matched at 20% by the federal government. If you can contribute the full amount, this means your child’s RESP will receive an additional payment of $500 each year. Lower-income families may also qualify for an additional grant issued every year they remain eligible, independent of contributions. Long-term, tax free growth. The money you invest into the RESP, along with the government grants, will continue to grow and compound interest, year after year tax-free for up to 35 years. The income and grants are taxable to your child when they withdraw the funds for their post-secondary studies. Because students typically have lower income, the tax rate is often minimal. Anyone can contribute: Your friends or family member’s can also contribute towards your child’s RESP. This is a wonderful way for your loved ones to help instead of giving toys for special occasions. Multiple options for the student: Students can attend traditional schooling such as College or University, or they can attend shorter programs such as trades, practical education, or online studies. If your child does not pursue any post-secondary education, you have other options. You could roll the RESP to another child, roll the interest into your own/spousal RRSP, or take the interest as income to you as an Accumulated Income Payment (taxes applicable). 6 • www.modernmama.com | CALGARY | A RESOURCE GUIDE | 2022/2023 Edition
Expecting a baby? Register for a FREE Online Seminar www.budgetingforbabies.com Why should I get Life Insurance? Life insurance is one of the foundations of any well laid out financial plan as it offers financial protection for you and your loved ones. It can help you provide the security you need to reach your financial goals and is particularly useful if you are buying a home, getting married, or having children. Provides Financial Security: and Replaces Lost Income: The most obvious purpose of life insurance is that it provides your family with long-term financial security to protect your family if you die. It is a lump sum, tax-free cash payout. This can help to ensure that your loved ones will not be financially strained and can afford everyday expenses. Provides Emotional Security: It protects your emotional health by giving you peace of mind: No one can predict the future but having life insurance means that you are preparing to ensure your family is financially protected if you passed away. Pays for final expenses or debts. Life insurance policies can help to cover debts such as your mortgage or personal loans, as well as pay for your funeral. Create an inheritance for your children: When someone passes away, their heirs often face estate and inheritance taxes on any assets they receive. The life insurance policy can help cover these costs. Certain policies allow you to build up cash values over time which is often attractive to families as this can help supplement and create an inheritance for your children. PROOF Topics of Discussion “ • Maternity & Parental Benefits • How much does a baby cost? • Living on a reduced income • Canadian Child Benefits • Retirement Savings Plan • Life Insurance Coverage • Birth Certificate & SIN • Health Benefit Plans • Personal Directives • Power of Attorney • RESP’s* • Wills Do you already have children? Condensed sessions are available. Space is limited! *Sold by prospectus only WOW! This seminar really helped us to get organized for our new baby. Thanks for the useful handouts. Teresa Chambers “ Laurie & Gordon Branden Budgeting for Baby www.budgetingforbabies.com www.modernmama.com | CALGARY | A RESOURCE GUIDE | 2022/2023 Edition • 7
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Calgary Baby Guide 2022-2023

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