If you’re a parent, you know how rewarding and fulfilling the experience can be … but also how exhausting. Parenting requires you to wear a lot of hats, taking on responsibilities ranging from childcare to financial management. It’s okay to ask for help, and one way parents can work towards their goals of financial security is by seeking expert financial advice from a chartered professional accountant.
Parents know to consult a doctor when their child is ill, or a teacher when they’re concerned about their child’s reading. Hiring an accountant to provide you with financial guidance is another way of caring for your family.
At MMT Chartered Professional Accountants, we often work with families just like yours, helping them with financial organization and planning so that they can feel secure about their financial futures. Here are just some of the ways that our services can help your family next.
Budgeting
One of the most valuable things you can teach your kids is good financial management strategies, including how to plan a budget. Professional accountants help parents create comprehensive budgets that take into account income, expenses, and savings goals.
By having a clear financial plan in place, you’ll be able to more effectively manage your money, balancing your children’s current needs while also saving for their future. You’ll also equip yourself to model healthy behaviours around finances, giving your children early skills in financial planning that will be invaluable in their futures.
Tax planning
Building a relationship with an accountant can better prepare you for the coming tax season, ensuring that you’re aware of tax credit eligibility and have any required documentation ready to go. Tax laws and regulations are complex, and it’s essential to navigate them effectively to maximize your benefits and avoid penalties.
Ask your accountant to identify eligible deductions and credits. These can include childcare expenses, education-related expenses, and even benefits for eligible dependents. By optimizing your tax return, you’ll potentially save a significant amount of money, which can be redirected towards your family’s wellbeing and future.
Government benefits
In addition to tax credits, families are also eligible for a number of other government benefits. To access them, it’s essential that you file your taxes accurately and on time, which an accountant can help you do.
Some of the benefits intended to help families with their expenses include the Canada Child Benefit, housing benefits, and the Canada Dental Benefit. You may also be eligible for local benefits, like the Alberta Child and Family Benefit that’s adjusted to family net income. Helping you access these kinds of benefits is an important aspect of comprehensive family accounting services.
Investment advice
Parenting is a demanding job day to day, but it also requires considerable planning for the future. Whether you’re thinking about retirement, saving for a home, or planning for your children’s post-secondary education, our accountants can help you with investment strategies and guidance.
Setting up a Registered Education Savings Plan (RESP) for your children is an effective way to begin preparing for their future, with government contributions that maximize the impact of your investments. The Canada Education Savings grant contributes an additional amount of 20% on the first $2500 you invest annually into an RESP, for instance, and makes this investment opportunity a lucrative one for parents.
Insurance
Sometimes, planning for the worst case scenarios is the best thing you can do. Accountants help parents evaluate insurance needs and recommend appropriate coverage for things like life, health, disability, and even property insurance. Adequate coverage protects your family from unforeseen events and can safeguard your financial stability.
Estate planning
As families get older, another area of consideration for parents is planning for the smooth transfer of wealth and assets to your children. Accountants can be an integral part of creating a comprehensive estate plan for wills and trusts. This will ensure that your wishes are carried out, protecting your assets for your children’s future and giving you the peace of mind of knowing that your financial legacy will be managed efficiently.
We know how challenging being a parent is these days, but there’s help available. MMT Chartered Professional Accountants offers a variety of services that can help keep families like yours on track to meet their financial goals, giving you assurances about your future financial security. While you focus on the responsibilities of raising your children, leave the complex financial matters in the capable hands of an expert financial advisor. Contact us today to find out how we can get started on building your future together.
