Photo of a family that is benefitting from financial advice on the National Bank website

Family finances

From budgeting to planning ahead, take the right steps today for the people who matter most.


Secure your family's financial future

Looking after your family's financial health means sticking to a budget and saving for special occasions—but also planning for emergencies and thinking about the future.

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Learning to save

Raising kids isn't cheap! Set yourself up to succeed: contribute to an RRSP (and your spouse's!) to reduce your income tax, or save for your kids' education with an RESP to grow your savings by 20% to 40% thanks to government subsidies. For your short-term plans, contribute to a TFSA and earn tax-free interest.

Managing your finances

Further reading

Investing your money

Couple talking with notebook and laptop

Pool your finances

Join forces! Open a joint account so you can manage your household expenses more easily and save for a common goal. Add a second credit card for your spouse and earn cashbacks and rewards more quickly.

Further reading

Joint account : pros and cons

Sharing Expenses as a Couple

The Benefits of Love on Your Budget

Woman and little girl smiling at each other

Protect your family

Protect against the unexpected with our insurance coverage. You can also fill out a power of attorney form or incapacity mandate so that your spouse or another trusted individual can manage your assets if you're unable to. Even if you're still young, you should draw up a will to ensure your children will be looked after if something happens to you.

Further reading

Do you have enough insurance?

Planning your estate and will: be prepared!

The benefits of comprehensive financial planning

Couple moving into a new home

Invest in a home

Planning is essential. Whether you're buying your first home or looking for a bigger one, take the time to consider various purchasing scenarios and mortgage payment options. Exploring all your options could save you money!

Calculate payments

Further reading

Buying a first home: 7 steps to follow

Man looking at tablet with his daughter

Teaching good habits

If you want your children to learn good financial habits, you need to teach them the value of money while they're young. Give them an allowance so they can manage their money and open a bank account so they can learn how to save.

Further reading

Teaching kids about responsibility and the value of money

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The cost of raising a child

According to Statistics Canada, raising a child from birth to adulthood can cost up to $293,000, though the exact amount depends on your income, lifestyle, and priorities.

Further reading

Find out more

What investment account is right for you?

How should you go about putting your money to work? There are many different options when it comes to investment accounts, so we’ve put together a short video to help you decide which one is right for you.
 

Family solutions

Youth bank account

Do you want to open a chequing account for your child?

Discover our youth offer

Savings plans

Do you want to grow your savings for your family?

Discover our savings plan

Insurance

Life is full of surprises.

Discover our insurance solutions

Cashback credit cards

Looking for a credit card with added benefits?

Discover our cashback credit cards

Financial tools

Individual and family budget

Plan ahead for your future. Developing good financial habits is the key to success.

Make your budget

Objective: systematic savings

Systematic savings allow you to put money aside without even having to think about it.

Start saving

Family finances

We've got a wealth of articles to help you reach your financial goals.

Discover our articles

We’re here to help

Do you want to make your family projects a reality?

Talk to an advisor and get personalized help.

 

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The answers to your questions, all in one step, 24/7.  

 

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Little details that matter

- Your debt’s under control, you’ve got an emergency fund and some savings. Congrats!

Now you want to know how to put your money to work for some long-term gains.

♪♪

I’ll explain in the time it takes me to get a hole in one... blindfolded 

- Whatever

- First, you need to know where to put your savings.

There are 2 main kinds of savings accounts: registered and non-registered.

A registered account acts as a tax shelter. 

Non-registered accounts don’t have the same financial advantage but there’s no limit on how much money you can put in.

So, which registered investment account should you choose?

Because that’s usually the one you should take advantage of first.

The Registered Retirement Savings Plan is used in retirement. 

It allows you to lower your taxable income and defer your taxes until you make a withdrawal.

- Are we going to play golf when we retire?

- This is not golf.

It’s mini-putt 

- This is not golf.

It’s mini-putt

We usually withdraw our RRSPs during retirement, when our income is lower.

So, at the end of the day you could be paying less tax 

[whispering]

Which means more money in your pocket.

♪♪

You can also withdraw from an RRSP for projects like buying a first home or going back to school. 

An advisor can give you tips on how to do that!

- Did I get it? Did I get it?

- Shhhh...

A Tax Free Savings Account can help you save for a project like buying a car or going on vacation. 

When the time is right.

Now, unlike RRSPs, the money you put into a TFSA doesn’t reduce your taxable income.

But here’s the good news!

The gains you make on a TFSA are not taxable, even when you withdraw them. 

[whispering]

Which means more money in your other pocket.

 

♪♪ 

But be careful, both RRSPs and TFSAs have a maximum you can contribute each year. RRSPs and TFSAs are very well known.

But other investment solutions exist, like the RESP, Registered Education Savings Plan, that lets you save for your kids’ college, if you want kids, that is.

- Do we want kids?

 

- Uhm, let’s start with a dog

- Yeah, we’ll name him Tiger.

- You can speak to an advisor about the best investment solutions for you.

[whispering] 

I just won.

- Did I win?

♪♪