Baby Corner


Baby, Trying to Conceive and Pregnancy Message Boards


Lost Your Password?

Baby Corner Message Board > Parent to Parent > Coupons, Savings & Money Matters Money tips for Canadian Parents



Money tips for Canadian Parents

Post Reply Post New Topic  

 
Thread Tools Display Modes


 
Old 08-01-12, 12:12 AM
Community Member
 
Join Date: Jul 2012
Location: Toronto
Posts: 202
Thanked 0 Times
Points: 461
Level: 7
Weekly Activity 46100%
Default Money tips for Canadian Parents

I put together a list of finance tips for parents-to-be and most of them are geared towards Canadians. Here they are:

- Plan well for your maternity/parental leave. Your income will be reduced to %55 of your regular salary and there's a two-week exemption period. Also, you won't be receiving the EI payments for at least 5-6 weeks, so don't plan to spend that money for necessities like food/rent.

- It might be a good idea to start living on 55% of your current income and put the rest in savings, to get used to living on that amount.

-Do your homework on RESPs. It's a good idea to get a Social Insurance Number for your baby right after the birth and open an account. So, you can put some of the cash gifts towards teh RESPs. And remember, the government matches your contribution by 20%, it's free money for your child's education, so start as soon as possible.

- Re-make your budget to include items like baby's food, clothing as especially personal care (diapers, creams, shampoos).

- Check the government websites to find out which child benefits you qualify for. Some benefits are automatically given to all parents, some you have to apply for and some are only for low-income families. Don't wait until the tax time to see which benefits and tax exemptions you can get.
Reply With Quote

Latest Articles
Delight Your Special Mom-to-be With These Top 10 Gifts
Dads, if you have run out of ideas to get that special mom-to-be in your life for the holidays, we've got you covered. Here are 10 gifts ideas that will delight her this holiday season.

2014 Holiday Gift Ideas For Babies
If you have run out ideas for what to get your baby for the holidays this year, here are a few suggestions for you.

14 Gross Pregnancy Secrets
If this is your first pregnancy, be prepared, as these unwanted pregnancy symptoms may crop up unexpectedly.

Planning for a Second Pregnancy: What To Expect
When considering your second pregnancy, there are a few things to consider such as child spacing, and health concerns. Use this guide to help you plan for a healthy second pregnancy.

The Controversy over the Most Popular Boy's Name in the U.K.
A few days ago, the news media made the world was aware that the most popular boy's baby name in the U.K. was not Muhammed.

November 2014 Baby Photo Contest Winner

"Little Pumpkin" Baby Photo Contest Winner
Congratulations urugby!

Calculators & Tools

All times are GMT -4. The time now is 07:23 AM.


Pregnancy | Fertility | Baby | Toddler | Free Baby Stuff! | Community | Baby Names

About Baby Corner | Advertising | Editorial | Contact Baby Corner | Terms of Use | Privacy Notice


Powered by vBulletin® Copyright © 2014, vBulletin Solutions, Inc.
SEO by vBSEO ©2009, Crawlability, Inc.