If you have taken out a loan or used a line of credit to pay for adoption expenses or fertility treatments, remember to plan for the payments and include them in your budget.
If you need it, child care is the single largest child-related expense you’ll have. Start looking into your child care options now and think about how to include child care costs in your budget.
There are many child care options available to you, such as licensed daycare centres, licensed or private home daycares, a family member or staying at home yourself.
Here are a few things to consider:
Check out child care providers well before your child is born to find one that you feel comfortable with and that you can afford.
Daycare centres are usually more expensive than home daycares.
Some people find that it is better financially to stay at home if one partner’s income would only cover daycare costs.
If you want to able to deduct your child care expenses from your taxable income, you’ll have to choose a licensed provider because you have to report his or her Social Insurance Number (SIN) to the Canada Revenue Agency when claiming the deduction.