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Canada’s Child Benefit vs. RESP: Which is better for my child’s future?

Millennial Parents Guide To Financial Planning For Children The average Canadian family with two kids will get about $200 more next year and about $500 more in 2019 through the Canada Child Benefit (CCB). And that’s just one advantage. _____ The recent increase in the CCB was a welcomed gift to families and the second…

Your Child’s Future Doesn’t Yet Exist: Don’t Let Your Plan Limit Their Options

70 to 80 percent of jobs will disappear in the next 20 years, according to research. Technology is transforming industries at an incredible rate – and this will only continue. Just look at what Tesla did to the taxi industry and oil companies. Our children’s future is getting more difficult to predict every year. Companies…

Is a $900 Stroller Planning for My Child’s Future?

Millennial Parents’ Guide to Financial Planning For Children! When did doing the best for our children get so expensive? As if sleep deprivation, physical exhaustion, brain fog, and loss of personal identity wasn’t already enough to cope with, parents have another battle to confront: avoiding the temptations of 21st-century consumption. Our social media feeds are…

How I Plan to Save My Child From Crippling Student Loan Debt

Millennial Parents’ Guide to Financial Planning I never imagined I’d still be paying off my student loans when I had my first baby. After all, student loans weren’t something my baby boomer parents ever complained about. Even if they graduated with around $10,000 worth of student debt in the late ‘80s (about $40,000 in today’s…

Why Banks Won’t Tell You About Any Alternatives To RESP

Banks won’t tell you about Participating Whole Life Insurance plans as an alternative to RESP for your child’s education and future. For over a century, banks were viewed by Canadian families as trusted community partners who provided advice to help manage their financial lives. You walked into your branch, spoke with your manager on what’s…

Why is the RESP an Out-dated Option for My Child’s Future?

This is a continuing blog in the series Millennial Parents’ Guide to Financial Planning for Children. My father always told me: “If you’re going to spend your time thinking, you might as well spend it thinking big.” While I am President of insuranceforchildren, I still advise and manage investments of two-dozen successful clients whom I…

Should I Save For My Child’s Education Or For Her First Home?

In Our Continuing Series Of Millennial Parents’ Guide to Financial Planning For Children By Michael Lampel I recently went to an open house with my wife to look at what $1 million would buy today. What I saw made me seriously concerned about our daughter’s future. A four-bedroom house with two bathrooms in Markham was…

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