Raising a family in Canada comes with a lot of joy—and a lot of financial responsibility. Between saving for your children's education, paying down your mortgage, planning vacations, and preparing for retirement, it's easy to feel pulled in every direction.
The good news? The right financial plan can help you balance today’s priorities with long-term goals.
Here’s how to get started.
Step 1: Get Clear on Your Family’s Priorities
Every family is different. Some want to prioritize home upgrades or travel. Others are focused on saving for university or becoming debt-free. Sit down and identify your top 2–3 goals as a household. These will become the foundation of your plan.
Common family goals might include:
Step 2: Take Advantage of Canadian Accounts & Benefits
Canada offers some fantastic tools to help families save and grow their money:
RRSP (Registered Retirement Savings Plan)
TFSA (Tax-Free Savings Account)
RESP (Registered Education Savings Plan)
Even small, regular contributions to these accounts can go a long way when combined with compound growth and government incentives.
Step 3: Automate Your Savings
Life with kids is busy. The best way to stay on track? Automate your contributions.
Set up monthly deposits into your TFSA, RRSP, and RESP—this way, you’re making progress without even thinking about it. You’ll avoid the stress of last-minute lump sums and create consistent financial habits.
Step 4: Review Annually—and Adjust When Life Changes
Financial planning isn’t “set it and forget it.” Your goals, income, and expenses will change as your kids grow, your career evolves, and your priorities shift.
A yearly review with your advisor helps confirm whether your plan continues to align with your goals and circumstances.
Final Thoughts: You Don’t Have to Do It Alone
The earlier you start, the easier it is to build a strong foundation for your family’s future. But it’s okay if you’re not sure where to begin—that’s what we’re here for.
Whether you’re trying to decide between an RESP or TFSA, want to plan for two kids and retirement, or just need a second opinion, we’re happy to help.
Book a quick call with our team and let’s talk about how to build a plan that fits your family.
Chris Ball is a Senior Financial Planner with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact [him/her] at [phone number] or visit [website address] to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.