Parents with Young Child

Canada Child Benefit

Canada Child Benefit

I work with many parents who have minor children in their family. For time to time, some would express that they are running with a tight budget, so it would be difficult to plan for the financial future of their children. As a father of two daughters, I also reviewed what are some benefits that parents are entitled to.…

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My Recent Reading: The 5 Most Important Money Lessons To Teach Your Kids

Although my daughter is only 5 months old, I wonder what should I teach her about money in the future. When I was a student, (Ok, that was many years ago), but I really do not recall this was a topic being taught in school. Even though, I was clueless about this, good thing we…

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FatherDaughter

Life Insurance For Juveniles Versus TFSA

As I become a father myself, I’m more active in assisting young families to save for their children’s future. In addition to the Registered Education Savings Plan (RESP), another strategy I always share with parents is to save within a life insurance policy. (If you’re unaware of this method, you may refer to my previous…

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Insure your child- Good or bad idea? (Part 2)

Continued from “Insure your child- Good or bad idea? (Part 1)” The earlier you get the policy, the lower the premium cost: Life insurance premium charges more as your child gets older. If you setup the policy at their young age, it would be a lot more affordable than when they grow up. Furthermore, the…

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baby

Life Insurance in Canada that Grows with your Child- Part 1

Life Insurance Planning for Children in Canada In one of my earlier articles, I have discussed the pros and cons in getting life insurance for a child.(You could access to that article through: http://samuelconsultant.com/insureyourchild/) Now, let’s go over one of the strategies with a whole life par policy. Beside universal life insurance, whole life insurance…

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Parents discuss the needs of child’s education savings (RESP)

Two parents are discussing the needs of saving for their child’s education. This is a short clip with under 2 minutes long. Hope you enjoy it!

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Insure your child- Good or bad idea? (Part 1)

Should you get insurance for your child? There are always great debates on whether you should get life insurance for your child when they are still young. I recently read a column from another advisor, where he is completely against this idea. As a result, this column received many critics such that it is overly…

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caution

Beware when choosing your child’s RESP

I remember a few months ago I was contacted by a couples. They have already setup a group RESP for their eldest son through another company. However,  they are dissatisfied with the investment results, and wish I could provide some advises regarding this plan. During the meeting, I went over their contract details, and found out the following: 1) No…

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What is your life insurance needs?

Life insurance needs analysis We have been talking about the needs of getting life insurance coverage, but do you really know your insurance needs? In order to obtain the right amount of coverage, here are some questions you should go through. If you were passed away today, How much mortgage do your family still have to pay?…

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Individual RESP vs Group RESP

I recently read an article that talks about individual RESP and group RESP. Some plans would have: Hefty penalty fees when you cannot make the contributions No control over the investments Inflexible alternative options in the case your child does not get into post secondary school   Before you open up a RESP account, it is…

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