Search RBC ...
The Rewards of Parenthood Are Priceless (But Also Expensive)
A financial planner can help you build a bright future for your child—while keeping your other goals in sight.
New Baby, New Financial Priorities
Babies are cute—but let’s face it, they’re expensive too. Your financial planner can help you manage your changing financial picture.
6 Ways a Financial Planner Can Help
1.Get You Through Cash Crunches
Has your income taken a hit with parental leave? Your financial planner can give you advice on how to manage through tighter times and strategies for catching up after things settle down.
2.Present Smart Borrowing Options
If you need to use credit to cover a reduction of income or the increased costs of parenthood, your financial planner can show you the best ways to borrow.
3.Revisit Your Investment Plan
Whether you want to adjust your contributions or start investing in a Registered Education Savings Plan (RESP), your financial planner can revise your plan to accommodate your new priorities.
See What Kind of RESP Should I Choose?4.Make the Most of Tax Planning Strategies
Your financial planner can make sure you’re using the right type of accounts for your savings goals, and that you’re making the most of income splitting and other tax-smart planning strategies that can help you minimize the tax you pay.
See Is Income Splitting Right for Us?5.Keep Your Retirement Plan on Track
When you have a new baby, it can be tempting to sacrifice saving for retirement, but you don’t have to do that. Your financial planner can show you how to balance all of your financial priorities.
See Retirement Planning6.Protect Your New Family
Insurance, creating/updating your Will and other estate planning strategies are all options you’ll want to consider.
See How Can I Protect My Children Financially?Get Your Family Off to a Great Start
As shown below, households that receive financial advice have significantly greater net worth than those who don't.1
You Might Also Be Interested In
Talking Finances With My Spouse
Making the Most of a Bonus or Tax Refund
Estate Planning is More Than A Will
RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
1)
Source : Canadian Financial Monitor, Ipsos Reid