TD Wealth senior investment advisor Shereen Debanné shares her insights
Many Canadians want to start a family and adding a new addition to the household is always going to mean expenses, but what about when the path to parenthood doesn’t run smoothly?
An estimated one in six Canadians have fertility challenges and the cost of treatment, such as IVF, can be very costly, especially as more than one round is likely to be required. Fertility Matters Canada says that a single round of IVF treatment costs around $20,000.
But how can those who want to become parents ensure their finances are positioned for this, and other costs of starting a family?
Wealth Professional asked Shereen Debanné, associate portfolio manager and senior investment advisor at TD Wealth and mother of two, for her insights into preparing for parenthood, especially when extra help is needed.
“If a family or individual is looking to begin saving to fund fertility treatments, the first step would be looking their options with both a doctor and their financial advisor or financial planner. Every person is different, and the type of fertility treatment needed will vary. How much a Canadian pays for a fertility treatment will also vary depending on where they live,” she said.
With no standard policy on fertility treatment across Canada, Debanné says that the financial support available for IVF varies widely.
“For example, Ontario and Quebec cover one in vitro fertilization (IVF) cycle, and British Columbia announced it will start doing the same in April 2025. Manitoba, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador all offer tax credits for different amounts and with different conditions. But Alberta, Saskatchewan, Yukon, Northwest Territories and Nunavut offer no help for IVF, intrauterine insemination (IUI) or egg freezing – and the territories don’t have any dedicated fertility clinics,” she explained.
Another potential source of assistance is workplace benefits, but this will again vary depending on employers’ plans.
Raiding savings
With a strong desire to start a family many people may consider raiding their retirement savings or using other funds such as savings to buy a home. Is that a bad idea?
“When approaching financial decisions, having a well-structured financial plan is key. Working closely with your financial advisor can you help tailor your plan to suit your current life stage and future goals. Regular touchpoints with your advisor are essential to stay on top of adjustments, ensuring your plan remains effective and aligned with your needs. As we go through life, we often encounter the unexpected and can always shift savings around as needed, but at the end of the day, it’s about consistency in prioritizing those investments,” Debanné said, adding that starting saving as early as possible is always good advice.
Long-term finances
For women in particular, finances are often weakened by taking on the lion’s share of caring responsibilities. For those who do start a family, how can they balance long-term financial security while maybe working part time or finding career progression barriers?
“Navigating savings and investments can be uniquely complex for women. In the world of finance – historically, an industry that has catered to men as primary financial decision-makers – a strong relationship with a financial advisor and the personalized service they provide is particularly important,” Debanné said. “[A recent] TD Wealth survey found it’s not that women don’t understand finance, but rather they want to digest it, ask questions and absorb the information. As such, they seek an environment where they can inquire free of judgement. We know that women today are living lives different than previous generations. They are leading with a sense of independence, despite partnerships or marriage. Many are having children later and hustling to balance it all.”
With more women controlling larger shares of wealth, how should they protect it and ensure long-term financial security for themselves and their children?
First, it’s important to prioritize financial education and planning. Understand budgeting, investing, and saving strategies, and develop a comprehensive financial plan that includes retirement and education goals. Build a diversified investment portfolio and maximize contributions to accounts such as RRSPs or TFSAs,” Debanné said. “For a child’s future, set up education savings accounts such as RESPs (Registered Education Savings Plans), which offer government grants and tax-deferred growth for post-secondary savings. Consider setting up in-trust accounts for other future needs and
teach financial responsibility to children early, demonstrating good financial habits and involving them in financial decisions.”
In conclusion, she said that speaking with a financial advisor or financial planner is important for creating a bespoke financial plan to meet the family’s unique needs.
