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Adding a Baby to the Family

What a joyful time can be expecting a new baby into the family, this also can cause significant change in your financial situation because you go from only having to cover your own expenses to being responsible for others. You’ll need to consider life insurance to replace your income if anything happens to you, and saving for your child’s education.

So where to begin, many money magazines and blogs mentioned that the cost of raising a child in Canada is expensive! It’s generally estimated that raising a child will cost you $10,000 to $15,000 a year until the age of 18 in Canada. Wow that is a big added expense, but it is all worthy.

Here are some things to consider:
  1. Remember to apply for a Social insurance number and a birth certificate, you can do this the next day the baby is born. You will need this for several financial transactions.
  2. Apply for CCB or Canada Child benefit this is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age. You can apply directly on the CRA website:
  3. Update your life insurance coverage and add your child to your insurance policy with a life insurance rider, this will allow to insurance your child under your policy.
  4. Open and education plan RESP, the sooner you start the more this will grow for your child education.
  5. Open and alternative saving plan with a Whole-Life permanent insurance that pays dividends. This will allow your child to have increasing life insurance and a cash value that they can use without restrictions, in the case they want to travel the world before going for a post-secondary education.
  6. Update your budget to include the extra expenses related to the new family member including the education plan(s) that will have a designated monthly amount.

For more information about how to enter the next phase of your life and the financial steps you need to follow book a complimentary Financial Health Assessment.






"I always wanted to talk to someone who could help me get my financial goals in order. I know I needed to get to this part but had no clue how to or who to get? When I spoke to friends they were in the same position. Araceli was amazing no question was dumb or any thing I had did in the past could not be fixed.

I feel/know Araceli got my life in order and regained happiness to my out look on my future. Does that sound dramatic...YES... but it is true!

I now have correct insurance coverage, my budget is fair I am not in the poor house every pay week and I have a feeling of safety and freedom. I love seeing her and she keeps me in check. I will always have this lady in my back pocket she has become a friend."

Christine Macvicar (Single professional)Mississauga

I met Araceli Hernandez about 9 years ago. One of the best decisions I ever made was to meet with her about financial planning. She wasn't pushy and listened to my concerns. I appreciated her vast knowledge and expertise. Fast forward 9 years later and I'm in a very good financial situation because of Aracelli's advice. My son is also well on his way to saving for his future. I strongly believe that everyone should have a financial advisor but working with someone like Aracelli is key to making well-informed decisions.

Patrice Palmer (Single Professional) Burlington

“I’ve worked with Araceli and feel she is the best. She works hard, knows her stuff and has integrity. She works with your budget and presents you with options that work for your situation and lifestyle. ”

Dana Castro (owner of three crowns studio) Mississauga