During Pregnancy
- Review your workplace benefits — check maternity/parental leave top-up, health spending account, and any baby-related coverage
- Understand your EI Maternity & Parental Benefits — apply at least 4 weeks before your last day of work
- Decide on standard (12-month) vs. extended (18-month) parental leave and understand the pay difference
- Build a baby fund — aim for $2,000–$5,000 to cover gear, supplies, and the unexpected
- Draft a bare-bones budget for your leave period based on reduced income
- Check if your employer offers a return-to-work guarantee and understand your rights under Saskatchewan employment law
- Review or get life insurance — term life is affordable and now is the time
- Create or update your will and name a guardian for your child
After Baby Arrives
- Apply for your baby's Social Insurance Number (SIN) — you can do this through the birth registration
- Register for the Canada Child Benefit (CCB) — tax-free monthly payment based on income
- Register for the Saskatchewan Low-Income Tax Credit if eligible
- Apply for the GST/HST Credit if you haven't already — a new dependent can change your amount
- Add baby to your health benefits plan within 30 days of birth
- Open a Registered Education Savings Plan (RESP) and apply for the Canada Learning Bond (CLB) — free money for families under the income threshold
- Set up an automatic RESP contribution — even $25/month gets the ball rolling and qualifies for the 20% CESG match
First Year Financial Health
- Rebuild your emergency fund — target 3 months of expenses before returning to work
- Research childcare costs and waitlists early — Saskatoon and Regina waitlists can be 6–12+ months
- Look into the Saskatchewan childcare subsidy if your household income qualifies
- Track your actual baby expenses for 3 months — compare to your pre-baby budget and adjust
- File taxes together strategically — the higher earner may benefit from claiming certain deductions
- Review your TFSA and RRSP contributions — parental leave is a low-income year, which changes the math on which to prioritize
- Avoid lifestyle creep — baby gear is a trap. Buy used, accept hand-me-downs, borrow what you can
- Have the money conversation with your partner — align on values, priorities, and who handles what