You've thought long and hard about adopting a child, and you want to make sure you can give your son or daughter everything they need. It's important to know what the adoption process is likely to cost, so you can plan your finances accordingly.
To make an informed decision, start by researching the process and the associated costs. If you are adopting locally, contact your provincial government. If you are in Quebec, you should know that the process is different. For instance, you cannot submit several applications at once. Local adoption fees are often pretty low.
International adoptions usually cost much more, although they vary based on the child's country of origin. For example, adopting from Bulgaria costs around $40,000, while adopting from Niger is around $25,000.
Provincial and federal tax credits are available to help you finance an adoption. Other factors can also affect your finances when you adopt a child. For instance, if you take parental leave when your child first arrives, it could lower your take-home pay.
A personal loan1 is a flexible solution that can help you finance every stage of the adoption process. Consider insuring your loan so that your payments will not become a burden to your loved ones in the event of critical illness, disability or death. Want to know how much you could borrow? Find out now!
Adopting a child is exciting, but it's a complicated, drawn-out process. Don't be afraid to ask for help. A National Bank advisor can help you plan the financial side of things before, during and after the adoption process.
Once you've completed the adoption process, consider opening an RESP to save up for your child's postsecondary studies. It's important to start contributing as soon as possible.