Having a Newborn – Getting Down to Business

Man, newborns sure do poop a lot.  I always knew that a lot of diaper changes would be required, but they go through diapers like they own stock in “Pampers“.  Anyways, poop is not the topic of this post, it’s the financial business that must be carried out after a baby is welcomed into the world.

After speaking with a bunch of new parents and doing my own due diligence, here is a cheat sheet, step by step, for new parents.  The list will help make sure the child gets their medical coverage, child benefits, and RESP account.

1. Apply for MCP/OHIP/Provincial Medical Plan

  • You’ll need to fill out your provincial medical plan application form.  In NL, this will require the MCP number from one parent.

2. Pick up their Birth Certificate

  • Your local provincial government will have a local building for you to apply/pick up your child’s birth certificate.  The child should be in their system but you’ll require photo ID.  In NL, a birth certificate costs $20.

3. Apply for Child Benefits

  • Upon being discharged from the hospital, they will probably provide you with some paper work to apply for child benefits.  If not, you can find the paper work online.  You’ll need a photocopy of the child’s birth certificate (front and back) to mail in with the application.

4. Apply for a Social Insurance Number (SIN)

  • This is a federal program, so you’ll need to find your local federal office that handles SIN numbers.  To obtain your child’s SIN, you’ll need to bring the child’s original birth certificate to the federal office, and complete the application there.

5. Open an Registered Education Savings Plan (RESP) Account

  • Your child’s SIN will be required for the account application.  We’re still waiting for the SIN number, but we will be opening a TD e-Funds account when the time comes.

Back to changing diapers..

Photograph by Raphael Goetter

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Frugal Trader


FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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komodo dragon
12 years ago

yes, newborns will hamper the finances quite a bit ….

12 years ago

Congratulations to your newborn child.

13 years ago

Thanks – great information. I can relate as I have a 2yr old and wish I had the above checklist beforehand!

Congrats on making the FT best finance blogs list as well.

Rachel @ Master Your Card
13 years ago

They say that a child costs about $200,000 until they are 18!! Wow it doesn’t bear thinking about does it – especially as I have twins!

13 years ago


13 years ago

Hey…I didn’t know you were already a new dad! Congrats to Mr. & Mrs. FT! :)

13 years ago

Congrats on joining the club :)

In Alberta, it took me only 8 weeks after my daughter’s birth to have the birth certificate in my hand, SIN applied for and received and have her RESP all set up and deposited in to. She was born on Oct 31 and I had it done before the end of the year in order to take advantage of the first year’s RESP cap. I went with Royal Bank for the RESPs.

We went the reusable diaper route… cost us about $300 for diapers in total which has last us 2 1/2 years (and will be free for our next child when he/she arrives since the diapers are still in great condition). I am hoping my daughter learns to use the potty real soon so that I don’t have to buy the large size of reusable diaper…she barely fits in the mediums now!

13 years ago

Congratulations on joining the daddy club. I got a two’fer on my first try. Talk about busy…

The wife and I are buying diapers at costco, which seems to be relatively inexpensive. Occassionally they have sales, so we stock up big time.

RESPs. We had an RESP seller call to set up an appointment. I can’t remember the name, but my wife booked it. The info provided was complicated, but all good if you could believe the salesperson. When I asked tougher questions, she seemed to get a little confused. It suggested to me that she didn’t fully understand what she was selling and was following a sales script.

I dug into the printed material after she left, and it looked like a pretty major rip off. They took a hefty commission off the top BEFORE the govt match. Their trick was that if you drop out of their plan they return the principal and keep any earnings to distribute to other plan holders as “scholarships”. In other words, you only win if other people bail. It was also disguised as an NPO, but it was controlled by a for-profit sales company.

Bottom line, be careful when shopping for RESPs.

13 years ago


I would appreciate if you share your plan with RESP for new born. How you going to set up and which funds you going to invest ? Thanks a lot in advance.

13 years ago

Sweet, thanks FT !