However, Ribecco’s journey highlights the big potential costs of just conceiving a baby – not to say the prices of raising a baby. The National Bank, citing Statistics Canada data, put the price of raising a baby through their late teens at as much as $300,000.
Ribecco still considers himself lucky. She has two beautiful sons and an awesome job that enables her to attend countless appointments without running out of pay or taking on her vacation time.
“People with hourly wage jobs would lose wages or a full day of work to make appointments,” she identified.
The cost of fertility treatments can vary for couples
LGBTQ+ couples, she added, could pay much more. Female couples must pay for a sperm donor, and male couples must pay for egg donation, IVF and surrogacy costs. Egg or embryo donations can even add up if the girl has problems with egg quality.
As with all predictable life expenses, expectant parents should create a budget and savings plan as soon as possible, said Ravy Pung, a Quebec-based financial planner with National Bank.
“It is difficult to seek out out what the full costs are [fertility treatments] “That will be the case because it really depends on each individual’s personal situation,” she said, citing unexpected costs comparable to additional tests or failed IVF procedures, in addition to additional costs related to surrogacy.
Pung beneficial investing in a tax-free savings account (TFSA) in order that investment returns are tax-sheltered.
There should at all times be a backup plan, she added, just in case “there’s not enough liquidity and not enough savings. You should plan how you’re going to get a personal loan or a mortgage loan.”
