Kids Checking Accounts

I recently read an article from Moneysense about opening a kids account (article). This is something my wife and I thought of. Mainly because we kept saying we will give our kids an allowance and we always forget. We even set up money jars for them. But since both of us rarely carry cash and we rarely go to the bank we ended up not getting the cash for them. We decided it was best just to open an account for them and email transfer the money. They can have a debit card and when the money is out they can’t buy anything. And the truth is likely when they get to their teens they probably won’t carry cash anyway.

So here is my summary of the Canadian Banks who offer kids checking accounts.

Option 1 - CIBC Youth Account

  • Unlimited transactions

  • Earn 0.15% (YAY!!!! LOL)

  • Unlimited email transfers

  • Includes debit card

  • Free record of transactions including paperless statements

  • No monthly fee

Option 2 - BMO

  • No minimum balance

  • 30 transactions

  • Unlimited email transfers

  • Includes 1 statement for kids

  • $2 for paper statements

Option 3 - TD

  • Lower interest

  • Same as CIBC

There are others but for my wife and I comparison we looked at those 3 mainly because their site was easy to navigate, user friendly.

We ended up going with CIBC because it comes with a free debit card. I don’t know if the other companies included a debit card, they might have but never said so on their page so don’t know. And for our kids sake the debit card was important because I want them to use to see how they are spending their money and to use it for trips we make to Dollarama, or Superstore and they want to buy something.

The important thing is teach your kids to spend money properly. Teach them that money is a vehicle to freedom, and teach them what happens when they run out.

That is one my goals for opening my kids account.

While shopping around I noticed National Bank of Canada has special offer for nurses and since I am the financial advisor for nurses and small business owners I had to point it out. You can view it here but it seems like a pretty good deal. Preferred service, 2 accounts no monthly fee. You can sign up and find out more about it here.

Nurses Week

Last week was national nurses week. And a shout out to all the wonderful nurses who do a fantastic job at taking care of your patients.

A couple things I noticed about nurses both from my family, the care I received and my clients:

● You are extremely caring,
● You truly want to help make a difference in people's lives
● Compassionate
● You often go unnoticed because you do a lot of the work and doctor comes in to do the
specialty and gets the praise. But there is no successful event without the help of the
nurses and without the doctor. You cannot have one without the other. You are
interdependent and deserve more recognition.
● Family oriented
● You love your jobs even when it gets to be demanding.
● 12 hour night shifts - need I say more. In fact, I once did a month of overnights for a
merchandising program - I worked from 9pm to 5am Monday to Friday. When I got home
after one week I knew what my wife was going through on a night shift.
● You see what sickness and death does to a family, the good and the bad
● Financially you run the gamut from being good with money, to needing help with
budgeting, to worrying about retirement, but the one common concern is wanting to keep
the same lifestyle in retirement, and worrying about taking care of loved ones.

I want to provide you a bit of value today. Let’s address some of these concerns and most of
these are specific to Canada:

1. You have a pension, a great pension. Approximately ⅔ of that pension will go to your
spouse upon your death. When both of you are gone the pension is gone and your kids
will get nothing. Is that what you want?

2. In order to keep the same lifestyle in retirement and do the things you want to do you
need to know what your expenses will be now and in retirement factoring in the cost of
items going up (it’s almost $2 for a chocolate bar now!!!!).

3. Does your pension money allow you to keep that lifestyle? Where does the extra money
come from?

4. Lastly, what happens if you get sick or are unable to work? Where does the money
come from? Or what happens if your partner, mum, spouse gets sick?

There are a couple items I want you to do after reading this:

1. Figure your monthly expenses

2. Decide what you want to do in retirement, if you’re in your twenties you’re not thinking
about retirement but you do have goals and write those goals down.

3. Think about what you want to happen with your money, and what would happen if you
got sick, or can’t work etc.

Once you have decided on those you’ve got a great starting point to financial freedom and can
begin creating a roadmap to get there. In fact that’s what i do. On your flight from New York to
Los Angeles I help you take off, land safely and get there on time. Sometimes we will
experience turbulence (markets going down, or a sickness), sometimes it will be smooth sailing.
But either way I will help you get there. If you’d like to get started click here and we can have a
conversation about your goals and how to help.

And lastly, happy belated nurses week. Your work is greatly appreciated and I would not be
here today without you.

Thank You.