01/08/2026
We've got you covered with this UPDATED "New Parents' Financial Checklist"! While everyone's situation is unique, we have compiled some tips which many new parents find to be useful.
NOTE: "New parent" resources and information are often geared toward 'nuclear family' structures, including the assumption that an incoming child is a newborn. Some new parents are fostering or adopting. You might be solo, coupled, separated, or poly. Whatever your family structure, if you are becoming a parent, we will support you based on your specific needs. ALSO: While checklists like this are helpful to some, we recognize these topics are not accessible to some folks. While "savings" and life insurance are considerations for some, you may be one of many for whom surviving and immediate safety and housing are greater concerns. Please know we welcome anyone who would value a genuine discussion. Even if we can simply help you research safe, supportive housing, income support, and/or peer parenting support, we will.
ID 1: Against a sage green background, pale pink headline text: "Updated: The New Parents' Financial Checklist". Below is a checklist, in two sections: "As a new parent: Will; Life insurance; Income sources / Once your little one arrives: SIN; RESP; Additional savings plans, if applicable". At the bottom of each slide is our handle:
ID 2: Header text against a dark green background, "Writing your will". Dark text in a pale pink text box, "When you welcome a child into the family, estate planning is crucial, including a will - from appointing a guardian and trustee for minors, to ensuring assets are protected and transferred to children in a tax-efficient manner."
ID 3: Against a pale pink background, green text: "Life Insurance: As a new parent, you'll have a little one depending on your income or your care. We can do a life insurance needs analysis with you to assess, in the event that you pass away: Who would need additional income or capital, to continue caring for your little one? How much would they need? For how long would they need it? Do you already have some life insurance in place, perhaps through an employer? Based on your budget, your health, and your priorities, should we apply for additional life insurance?"
ID 4: In the upper right corner, pale text in a dark green speech bubble: "Will I be eligible for Employment Insurance? Maybe some parental leave benefits through an employer?" To its left is an icon of a green outstretched hand holding up an orange dollar sign. Below, pale text in a sage green text box reads: "Before your little one arrives, we can help explain E.I. benefits and other potential sources of income to which you might be entitled as a new parent."
ID 5: On a dark green background, pale pink heading text: "Once Baby arrives". Body text: "Apply for their Social Insurance Number / RESP. Whether or not you can contribute yourself, it is worth opening, as others may want to gift into it. Also, your child may be eligible for grants and/or bonds without you even having to make a contribution! / Taken care of all those things, and still have leftover cash flow? If so, we can chat about additional strategies such as whole life insurance and tax-free return of premium included with critical illness insurance." To the left of the body text are 3 whimsical icons [from top to bottom]: a succulent plant in a pale pink pot, a green outstretched hand offering an orange dollar sign, a check mark in a sage green shield.
