What to expect financially when you’re expecting

Globe & Mail
October 7, 2022.

Financial and family planning are one and the same. Starting a family can be one of the most important and expensive decisions of someone’s life. To ensure that they’re best equipped from a financial perspective, starting a conversation with an advisor early can ensure they’re coached along the way, writes Alexandra Horwood, Portfolio Manager, Investment Advisor at Richardson Wealth.

With an expensive housing market, rising interest rates, inflation, and a potential economic recession looming, daily living expenses and childcare are becoming increasingly out of reach.

As parents work to ensure their child’s health, safety, and education in a more unpredictable environment, planning for a child’s financial security is an important way to safeguard their future.

An experienced advisor can work to ensure a client’s financial house is in order starting with setting up a registered education savings plan (RESP), educating clients on the childcare deductions available, recommending a life insurance plan, and updating wills to reflect their wishes.

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