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Does my Child need a Social Insurance Number (SIN)?

I wrote this one in 2013, but it is still vital. I have added one more thing why your child needs a social insurance number (SIN). In most cases, you are given an application as part of your “birth package” when your child is born.

Fake SIN Social Insurance Number
A very Fake Social Insurance Number

Yes, your newborn child needs a Social Insurance Number (SIN). Why? Well, for one thing, they don’t exist until a SIN is created (well, financially at least).

What Can a SIN do for My Child?

  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)? Not really, they aren’t paying taxes until they are a little older.
  4. Bank accounts? Well kid’s accounts don’t need SIN numbers, but it never hurts.
  5. Your child needs a SIN if you want to set up an RDSP , if this is a disabled child as well. The sooner you start putting money into one of these the longer it has to grow for your disabled child.

Fill in those forms and get those numbers. Help your child become a financial entity in this world.

Feel Free to Comment

  1. SIN is also one of the few pieces of id a baby can get, which is useful for travelling; passports; citizenship etc. Also if Gramma wants to buy them bonds, she may nag you into applying. : )

  2. Not sure how recent the change was, but (at least in Ontario), birth certificate, SIN, and UCCB application was done in one step. Also the SIN is needed for the RESP, which is guaranteed 20% returns.

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