Canadian Personal Finance Blog

Archive for May 18th, 2005

Yes, your new born child really could use a Social Insurance Number (surprising isn’t it). Why? Well, for one thing, they don’t really exist until a SIN is created (well financially at least). Once you get a SIN for them you can:

1. Set up “in trust” accounts for them, to start saving for their education or their future (see yesterday’s RANT for how much that is going to cost). Unless you want them to be reading blogs like this when they are 25 on debt reduction and financial planning.
2. Set up an RESP to do the same (see point (1))
3. They can start paying taxes (well if you set up Interest bearing financial appliances for them, maybe it’s good to get them to pay the taxes)?
4. Bank accounts? Well kid’s accounts don’t need SIN numbers, but it never hurts.

Fill in those forms and get those numbers, help your child become a financial entity in this world. Tomorrow, back to the world of RESPs!!! A real world example for you all! –C8J