Every financial task to complete when you have a baby — organized by urgency so nothing falls through the cracks.
Having a baby is overwhelming. The financial tasks that come with it — applying for benefits, opening accounts, updating insurance, and revising your will — are critical but easy to miss in the chaos of new parenthood. This checklist organizes everything you need to do, in order of urgency, so you capture every available benefit and protect your growing family.
Register your child's birth with your provincial vital statistics office. In most provinces this is done at the hospital before you leave, or within 30 days. Birth registration triggers automatic application for the SIN in most provinces (through the Newborn Registration Service).
Apply for the CCB through CRA My Account, by mail (Form RC66), or through the Newborn Registration Service in your province. The CCB can provide $500–$700+/month tax-free depending on your income and number of children. Payments are retroactive to the birth month if you apply within 11 months.
If you haven't already started your EI parental leave claim, apply immediately — EI has a waiting period and delay in applying means lost weeks of benefits. In 2025, EI parental benefits provide up to 55% of insurable earnings (standard option, up to 35 weeks for each parent) or 33% of earnings (extended option, up to 61 weeks). The birth parent also gets 15 weeks of maternity benefits.
Apply for your child's Social Insurance Number at Service Canada (online or in person). You need the SIN to open an RESP and to receive certain benefits. If you used the Newborn Registration Service, the SIN may arrive automatically — follow up if you don't receive it within 4–6 weeks.
Open an RESP as soon as you have your child's SIN. Every year you delay is $500 in CESG grants you can never recover. Contribute $2,500 in the first year (or $208/month) to capture the maximum $500 CESG. A family RESP allows you to add future siblings to the same plan.
If your family income is below approximately $50,000, you may qualify for the Canada Learning Bond — up to $2,000 deposited into the RESP with no contribution required. Open the RESP and CRA will deposit the CLB automatically if you qualify. Don't skip this — it's free money.
Review your existing life insurance coverage. Do you have enough? A common benchmark is 10–12x your annual income. With a new dependent, most parents need $500,000–$1,500,000 in term life coverage. If you don't have life insurance, get quotes immediately — premiums are lowest when you're young and healthy.
If you don't have a will, make one now. Name a guardian for your child. Set up a testamentary trust for your child's inheritance. Name an executor. Update Powers of Attorney for property and personal care. This is the most important legal document you can create as a new parent.
Review and update beneficiary designations on all registered accounts (RRSP, TFSA, RRIF), group benefits, and life insurance policies. Adding your spouse as beneficiary (with your child as contingent beneficiary) ensures assets pass directly without going through your estate.
Most provinces have additional family benefits beyond the federal CCB. Check your province's programs: Ontario Trillium Benefit, Alberta Child and Family Benefit (ACFB), BC Family Benefit, etc. Most are applied for automatically through your tax return, but verify you're enrolled.
Add your newborn to your employer's extended health and dental benefits plan. Most employer plans require enrollment within 30–60 days of birth — missing this window means waiting until the next open enrollment period. Check your plan's deadline immediately.
Rebuild your monthly budget to account for new expenses: diapers, formula (if not breastfeeding), childcare (upcoming), clothing, and reduced income during parental leave. Model both the parental leave period and the return-to-work period with childcare costs.
If you haven't already, get on childcare wait lists immediately — popular licensed centres in major cities have 1–3 year wait lists. Apply to multiple centres. Check whether your province's $10/day childcare deal applies to your preferred provider.
Once childcare starts, the lower-income parent can deduct up to $8,000/year for a child under 7 from taxable income. Keep all childcare receipts and get the provider's SIN or business number for tax filing purposes.
| Task | When |
|---|---|
| File taxes (triggers CCB, GST/HST credit) | By April 30 each year |
| Contribute to RESP ($2,500/year) | Any time — before Dec 31 |
| Review life insurance coverage | Annually or after major changes |
| Review will and beneficiary designations | Every 3–5 years or after major events |
| Review RESP investments (glide path) | Annually |
| Update budget for changing childcare costs | When childcare arrangements change |
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Get KOHO Free — Use Code 45ET55JSYAThe first year of a child's life comes with more financial tasks than most parents realize — and missing some of them (like the CLB or employer benefits deadline) means losing money you can never recover. Use this checklist to work through each item systematically. The most time-sensitive: register the birth, apply for CCB and EI benefits, get the SIN, and open the RESP. Everything else builds from that foundation.