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Reducing Our Expenses Worksheet
First-time parents often find the added costs of their new baby shocking. There’s a list of gear that you need, not to mention clothing, RESPs, diapers and much more.
This new parenting adventure can be an expensive one and many parents wonder how they will cope when the new baby arrives. Especially when they think about all the added expenses as that baby grows up!
You may be going through a similar experience, but we can help you to deal with this challenge. The following worksheet has been provided to guide you in preparing a budget for your expenses. Use it to help you choose the key expenses that you may need to change, as well as those expenses you may need to reduce, in order to save money for more important things which you may need later.
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Download the Reducing Our Expenses Worksheet (PDF) |
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Worksheet: Balancing Your Budget While Raising a Child
You will use this tool along with the financial education video: Balancing your budget while raising a child. In this exercise, you will consider how your household income will be affected by your growing child’s needs.
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Download the Balancing Your budget While Raising a Child Worksheet (PDF) |
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Preparing for Baby’s Arrival Tool: Income Reduction List
You will use this tool along with the financial education video: Preparing for Baby’s Arrival. In this exercise, you will consider how your household income will be affected by your new baby’s arrival.
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Download the Preparing for Baby's Arrival Worksheet (PDF) |
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What happens when my child is ready to use their RESP?
RESPs can be accessed as soon as your child enrolls in a qualified full-time post-secondary education program. These include apprenticeships and programs offered by a trade school, CEGEP, college or University. These usually include a course of study that lasts at least three consecutive weeks, with at least ten hours of instruction or work each week. If the program is at an educational institute outside of Canada it must last at least 13 weeks.
If your child does not choose to continue education after high school you have several options, depending on your RESP plan. You should speak to your plan holder about specifics. You always have the option of waiting to see if your child changes his or her mind and decides to go to school. RESP accounts can remain open for up to 36 years. You can also transfer the money to one of your other child’s RESP accounts,
With many plans you can choose to transfer the money into a Registered Retirement Savings Plan (RRSP) or withdraw your contribution. When you withdraw the money you will have to pay the taxes on the money that you earned in your plan as interest. It will be taxed at your regular income level, plus an additional 20 per cent. All government contributions are returned, unless you transfer the money to a sibling’s account. The Canada Learning Bond cannot be transferred to another child and must be returned to the Government of Canada. Any additional money that you contributed to the RESP and the interest it earned goes back to you. Be sure to talk to your RESP provider for specific details.
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