The birth of your child may mean a change in some of your life goals. Your advisor can help with strategies and advice for balancing your priorities and making progress towards achieving your financial goals. Take this opportunity to review your priorities and consider asking your advisor these questions:
- How do we balance paying down debt and saving while adjusting to new costs of having a baby?
- Should we buy a home now?
- How can I provide financial security for my dependents through insurance?
- How can I continue to maximize and top up my Registered Retirement Savings Plan contributions?
- Should I consider setting up a spousal RRSP to help with tax planning?
- How important is a Will and Power of Attorney now that we have a child?
- How do we save for our child’s education?
- How will having a child affect my taxes?
- How can we assist our parents if they need it now that we have our own family to care for?