Enrol in provincial/territorial healthcare and adjust your employer benefits Enrol your child in health insurance. Enrolment varies by province/ territory. Check your provincial/territorial governement’s website to understand whether you can enrol online or if the hospital staff or a registered midwife will provide you with the enrolment form. Update the number of dependents information with your employer as well. Obtain a Social Insurance Number for your child as soon as possible. Many hospitals provide new parents with the form after birth. Consider adjusting your group life insurance coverage . A life event, such as gaining a child, typically allows you to increase your group life insurance through your employer. Your employer may also allow you to insure your spouse/partner and child. Plan for your future Determine whether you should update your Personal Tax Credits Return (TD1 form). You may want to update your TD1 to add dependents, which can impact your take-home pay. You may want to consult with a tax professional. Determine whether you qualify for tax credits/deductions. Work with your tax professional to determine whether you qualify for any credits or deductions related to your growing family. Ask about the Canada Child Benefit, the federal child tax credit and adoption-related credits (if you adopted). Revisit your financial goals. There’s nothing quite like having a child to change your priorities. A financial advisor can work with you to revisit your financial goals to make sure your spending and saving are aligned with your family’s values. And if you have a partner, open and frequent communication is key to staying on the same page, so you’re working together toward your goals. Start thinking about education costs. Post-secondary may seem far away, but time is your friend when it comes to saving. Your financial advisor can help estimate costs, explore your options for education savings including RESPs, TFSAs, personal savings, etc. and determine the best way to balance education savings with your other priorities, including saving for your own retirement. Considerations for a special-needs child Research the Disability Tax Credit, the Child Disability Benefit, Registered Disability Savings Plan (RDSP), and other federal government programs and services. Research provincial programs and benefits. Research community programs or grants for special education. Evaluate ways to ensure ongoing care if something were to happen to you. Talk with your lawyer to determine whether a special needs trust (e.g. a Henson Trust) may be appropriate for you. How we can help At Edward Jones, we care as much about why you’re investing as what you’re investing in. Reach out to a financial advisor to learn more about our services for your family’s future. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
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