New Parent? Here's Your Financial Roadmap
This time of year can be busy, hopefully, you also have some time off to spend with family.
Many parents are shopping, or like me, ordering online wherever possible for Christmas gifts for their kids.
At this time of year, it can be hard to imagine anything like saving for the future or putting money away for the next generation. Trust me, we'll all be ready for a fresh start by January. This week's article is all about financial balance for new parents.
This is a must-read if you or someone close to you has young children.
Also, check out the video about the FHSA account. It's the newest type of registered account (like RRSPs) and an excellent idea for those hoping to buy their first home in the future.
TIP: FHSA accounts allow up to $8k in deposits annually (Tax Deductible). However, you can only build contribution room if the account is open. If you want to keep your contribution room for 2023, make sure to open an account before Dec 31. You can carry forward unused room, but only if you open the account.
Check out our latest article:
As a new parent, it's important to start planning for your retirement earlier than you may realize. Check out our four tips on growing your savings.
Check out our featured video:
Do you qualify for a First Home Savings Account (FHSA)? Find out in our quick video!
Additional articles:
Important Upcoming Dates
Registered Education Savings Plan (RESP) and Canada Education Savings Grant (CESG):
RESP deadline for 2023: December 31, 2023
CESG available until the end of the calendar year the beneficiary turns 17
Contributing to RESP is designed to help Canadians save for post-secondary education. By contributing to an RESP, you are building a fund that can be used to cover educational expenses such as tuition, books, and living costs.
First Home Savings Account (FHSA):
Annual contribution period: January 1 to December 31
Contributions must be made before December 31 to be deducted from 2023 taxable income
If you want the tax credit for this year, which can help you grow your down payment savings, you should contribute before the end of the year.
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