How much is the Canada Child Benefit in 2026?

The Canada Child Benefit pays up to $7,787 per year (about $649/month) for children under 6 and up to $6,570 per year (about $547/month) for children aged 6–17 in 2026. Amounts are income-tested and reduce as family income rises above about $36,500.

How much parental leave can I get in Canada?

EI maternity benefits cover 15 weeks for the birth parent. Parental benefits add up to 35 weeks (standard) or 61 weeks (extended at a lower rate). Both parents can share parental benefits, and there is a 5-week non-transferable "use it or lose it" portion for each parent.

When should I open an RESP for my child?

As early as possible. The government adds a 20% Canada Education Savings Grant (CESG) on the first $2,500 contributed per year ($500 free money annually). Contribution room accumulates from birth but CESG cannot be collected retroactively past the calendar year your child turns 17.

Do I need a will when I have a baby in Canada?

Yes — having a baby is one of the most important times to create or update your will. Your will names a guardian for your child if both parents die. Without a will, the court decides who raises your child. A basic will costs $150–$500 from a lawyer or online service.

First Baby Financial Guide Canada 2026 | New Parent Money Checklist

A new baby is life-changing — including financially. This guide covers every money task to complete before and after your child arrives so nothing falls through the cracks.

The New Parent Financial Checklist

Task	When	Priority
Apply for Canada Child Benefit	After birth	🔴 High
Apply for EI parental leave	Before due date	🔴 High
Register birth and get SIN for baby	After birth	🔴 High
Open RESP account	Within first year	🟡 Medium
Update life insurance	Before birth	🔴 High
Write or update will	Before birth	🔴 High
Update beneficiaries on RRSP/TFSA/insurance	Before birth	🔴 High
Budget for childcare costs	During pregnancy	🟡 Medium
Apply for provincial baby bonuses	After birth	🟡 Medium

Canada Child Benefit (CCB)

The Canada Child Benefit is a tax-free monthly payment from the federal government.

2026 CCB Amounts (Maximum)

Child’s Age	Maximum Annual	Monthly
Under 6	$7,787	$649
Age 6–17	$6,570	$547

Income Phase-Out

CCB is reduced based on net family income:

Net Family Income	Reduction
Under $36,500	No reduction (full benefit)
$36,500–$79,087	13.5% of income above $36,500 (1 child)
Over $79,087	Further reduction rate applies

A family earning $80,000 with one child under 6 receives roughly $5,000–$6,500/year.

How to Apply for CCB

Apply online through CRA My Account or complete Form RC66.

Apply as soon as your baby is born — benefits start from the birth month but only once you apply. You cannot receive retroactive CCB before your application date.

You must file your taxes every year to continue receiving CCB.

Parental Leave (EI Benefits)

Types of Parental Leave Benefits

Benefit Type	Who Gets It	Weeks	Rate
EI Maternity	Birth parent only	15 weeks	55% of earnings
EI Parental (Standard)	Either/both parents	35 weeks	55% of earnings
EI Parental (Extended)	Either/both parents	61 weeks	33% of earnings

Total maximum: 50 weeks standard or 76 weeks extended combined between both parents.

Non-Transferable “Use It or Lose It” Weeks

Each parent has a 5-week non-transferable parental benefit block to encourage both parents to take leave. If one parent does not take their 5 weeks, those weeks are lost.

Applying for Parental Leave

Apply to Service Canada within 4 weeks of stopping work (not after the baby arrives)
You need your ROE from your employer
Standard 1-week waiting period applies once (not to both parents)
Apply at canada.ca/ei

Employer Top-Ups

Many employers supplement EI to bring you closer to full pay. Check your employment contract — you may receive 75–100% of your salary during leave.

Getting Your Baby’s SIN and Documents

Step	How
Register birth	At hospital or provincial vital statistics office
Apply for birth certificate	Through provincial vital statistics
Apply for SIN	Service Canada (free, required for RESP, CCB)
Apply for passport	(Optional) Passport Canada

Your baby needs a SIN to open an RESP account and for you to receive CCB.

RESP: Free Money for Education

The Registered Education Savings Plan (RESP) is the most powerful savings vehicle for a child’s education.

How the CESG Works

You Contribute	Government Adds (CESG)	Total
$2,500/year	$500/year (20%)	$3,000/year
$50,000 lifetime	$7,200 lifetime max	$57,200+

The Canada Education Savings Grant (CESG) is 20% on the first $2,500 per year — completely free money. The lifetime CESG maximum is $7,200 per child.

Low-Income Families: Additional Grant (ACESG)

Net Family Income	Additional CESG on First $500
Under $55,867	20% extra ($100 additional)
$55,867–$111,733	10% extra ($50 additional)

Canada Learning Bond (CLB)

If your family income is below the first CCB threshold, your child automatically qualifies for the Canada Learning Bond — up to $2,000 in free RESP contributions from the government with no contribution required from you.

Where to Open an RESP

Provider	Type	Pros
Wealthsimple	Online broker	No fees, easy setup
EQ Bank	Bank	HISA option
TD, RBC, etc.	Bank	In-person support
Questrade	Broker	Low-cost ETF investing

Avoid group RESP plans (also called scholarship plans or pooled plans). They have high fees, rigid rules, and restrictions on how funds can be used.

RESP Contribution Strategy

Contribute $2,500/year to maximize the annual CESG
If you missed prior years, you can catch up on CESG for 1 prior year in any given year (max $5,000/year triggers $1,000 CESG)
After $2,500, there is no grant on additional contributions (though they still grow tax-sheltered)
Room accumulates from birth to age 17

Childcare Costs in Canada

Childcare is often a family’s second-largest expense after housing.

Average Annual Childcare Costs by Province (2026)

Province	Average Annual Cost	Government Subsidy
Quebec	~$10–$15/day ($2,500–$4,000/yr)	Heavily subsidized ($10/day spaces)
Prince Edward Island	~$10/day	Federal agreement
Nova Scotia	~$10/day	Federal agreement
Ontario	~$20–$30/day ($5,000–$7,500/yr)	Subsidized spaces available
BC	~$20/day ($5,000–$6,500/yr)	Federal agreement
Alberta	~$25/day ($6,500–$8,000/yr)	Federal agreement
Manitoba	~$15/day ($4,000–$5,000/yr)	Federal agreement

Federal $10/day childcare: Canada is rolling out the national $10/day childcare program. Costs vary widely by province implementation and waitlist availability.

Childcare Tax Deduction

Childcare expenses are tax-deductible for the lower-income spouse:

Child’s Age	Maximum Deduction
Under 7	$8,000/year
Age 7–16	$5,000/year
Child with disability	$11,000/year

Life Insurance: Protecting Your Family

When you have a child, life insurance becomes essential — not optional.

How Much Coverage Do You Need?

A simple calculation:

Factor	Amount
Income replacement (10×)	$X per year × 10
Outstanding mortgage	$X
Education fund ($50K–$100K)	$50,000–$100,000
Total	Add them up

Example: $70,000 income + $400,000 mortgage + $100,000 education = ~$1.1M coverage.

Term vs Permanent Life Insurance

Type	Cost	Duration	Best For
Term (20-year)	$30–$60/month	20 years	Most families
Permanent (whole life)	$200–$400/month	Lifetime	Estate planning

Recommendation: A 20-year term policy covers your child through school. Both parents need coverage, not just the income earner — the stay-at-home parent’s unpaid labour (childcare, housekeeping) has real replacement cost.

Update Your Will and Designations

Why This Is Urgent

Without a will:

A court decides who raises your child
Your assets may be distributed in ways you did not intend
The process is slow and expensive for your family

What Your Will Needs

Component	Action
Guardian designation	Name who raises your child if you both die
Executor	Name who manages your estate
Trustee	Name who manages money for your child until adulthood
Distribution	Specify at what age child receives money (18? 25?)

Update Beneficiaries

Account/Policy	Action
RRSP	Update beneficiary (usually spouse first, then estate)
TFSA	Update successor holder or beneficiary
Life insurance	Update beneficiary
Group benefits	Update at HR
Pension	Check beneficiary rules

Do not name a minor child directly as beneficiary on RRSP/TFSA/insurance. The court will manage funds until they turn 18. Use a trust or testamentary trust via your will instead.

Provincial Baby Benefits

Most provinces have additional benefits beyond the federal CCB:

Province	Program	Amount
Ontario	Ontario Child Benefit	Up to $1,680/year
Alberta	Alberta Child and Family Benefit	Up to $2,985/year (2 children)
BC	BC Child Opportunity Benefit	Up to $1,600/year (under 6)
Quebec	Family Allowance	Varies by income
Manitoba	Family Tax Benefit	Up to $2,985/year

Apply when registering for the federal CCB — provincial benefits are often automatically triggered.

First-Year Baby Budget Template

Category	Monthly Estimate
Diapers and formula	$200–$400
Clothing	$50–$100
Childcare (when leave ends)	$500–$1,500
Baby gear (one-time)	$1,000–$3,000
Medical/dental	$50–$100
CCB income (offset)	−$500 to −$650
EI parental (offset)	Varies