Your baby isn’t the only one growing. Your financial plan should too.
“A mother’s strength builds generations. Let your finances reflect that strength.” — Veracity LD
Becoming a parent is life-changing—and so is the financial shift that comes with it. Whether you’re preparing for maternity leave or thinking long-term about college and estate planning, here are 7 smart money steps you can take in Canada to protect your family and your future.
1. Update Your Budget
A growing family means changing expenses:
- Baby gear, diapers, food
- Childcare and healthcare
- Shift money away from non-essentials
Create a monthly family budget that accounts for short- and long-term baby needs.
2. Review Your Provincial Health Coverage & Benefits
Make sure your child is registered for health coverage. Review:
- Eligibility for provincial programs (e.g., OHIP, MSP, RAMQ)
- Maternity and newborn care
- Costs not covered (e.g., private rooms, prescriptions)
3. Plan for Maternity/Parental Leave
Understand your income during leave:
- Government EI or QPIP benefits
- Employer top-ups (if available)
- Budget for reduced income months
💸 Planning early helps reduce stress during this important bonding time.
4. Open a RESP (Registered Education Savings Plan)
Start saving for your child’s future now:
- Government matches up to 20% through CESG
- Tax-deferred growth
- Funds used for post-secondary expenses
5. Get Life Insurance or Update Existing Policies
Ensure your child is financially protected if anything happens to you.
- Term life insurance is affordable and flexible
- Review or update beneficiaries
- Consider partner coverage too
6. Build an Emergency Fund
Babies bring surprises. Have 3 to 6 months of expenses saved.
- Use a high-interest savings account
- Only touch it for true emergencies
7. Meet a Financial Advisor
An expert can help you:
- Maximize government benefits
- Set savings & investment goals
- Secure your financial legacy
How Veracity LD Can Help
We help new Canadian moms build confidence in their financial choices. From RESP planning to life insurance and long-term wealth strategies, Veracity LD supports you through every stage of motherhood.
📞 Book a free consultation today.
