The Financial Side of Family Planning

The Financial Side of Family Planning

On March 8^th, we celebrated International Women’s Day. While the day itself is symbolic, the conversations around women’s evolving roles, at work, at home, and in society, are ongoing.

As a female advisor, I often find that I have deeply personal conversations with my female clients in a space I try to keep safe, supportive, and non-judgmental. One where you feel heard, and where your advisor can relate to some of the life decisions you’re navigating.

One topic that comes up more often today is family planning.

With more women establishing their careers before starting families, family planning has become part of the broader life and financial planning conversation. Many of my clients who have gone through this experience share that it can be emotionally and physically demanding, and it can also come with significant financial considerations.

While everyone’s journey is different, here are a few of the topics that often come up in our planning discussions.

Fertility Treatment Costs in Ontario

Ontario offers support through the Ontario Fertility Program, which provides funding for certain fertility treatments. For example, eligible patients may receive one publicly funded IVF cycle, which covers procedures such as egg retrieval and embryo transfer.

However, many associated costs still fall outside of the government program.

Common out-of-pocket expenses can include:

• Fertility medications: often around $3,000–$5,000 per cycle
• Genetic testing: several thousand dollars depending on the type of test
• Embryo freezing and storage: typically $500 or more per year
• Additional IVF cycles: privately funded cycles can range from $12,000–$20,000

For individuals considering fertility preservation, egg freezing can cost approximately $8,000 or more per cycle, plus ongoing storage fees.

Many employers are also beginning to recognize the importance of fertility support. Some extended health benefit plans now include fertility coverage, which may help cover medications or portions of treatment. Because plans vary significantly, it’s worth reviewing your workplace benefits to understand what may be available.

Surrogacy in Canada

For individuals or couples who cannot carry a pregnancy themselves, surrogacy may be an option.

Canadian law does not allow surrogates to be paid for carrying a child, but intended parents are responsible for reimbursing reasonable pregnancy-related expenses.

When all costs are considered, including fertility treatments, legal agreements, medical screening, and reimbursable expenses, surrogacy in Canada often ranges between $80,000 and $130,000.

Because multiple professionals are involved, including fertility clinics, lawyers, and sometimes agencies, the financial planning aspect becomes especially important.

Adoption Costs

Adoption is another meaningful path to building a family, though it also involves financial and time commitments.

In Ontario, private domestic adoptions typically cost $15,000–$30,000, covering agency services, home studies, and administrative costs.

International adoptions can be more expensive, often $20,000 to $50,000 or more, depending on travel, immigration requirements, and agency fees.

In addition to cost considerations, adoption processes can take time, and waiting periods may span several years depending on the circumstances.

Tax Credits That Can Help

There are also tax programs designed to help offset some of these costs.

For expenses paid on January 1, 2025 or later, Ontario offers a Fertility Treatment Tax Credit, which allows individuals to claim 25% of eligible fertility expenses up to $5,000 per year.

Many fertility-related costs may also qualify under the federal Medical Expense Tax Credit, providing additional tax relief.

While these credits won’t eliminate the financial burden, they can help reduce the overall cost when planning for treatment.

Estate Planning for Genetic Material

One topic that often goes overlooked is how stored genetic material, such as frozen eggs, sperm, or embryos, should be handled if something unexpected happens.

With reproductive technology advancing rapidly, legal professionals increasingly recommend documenting your wishes as part of your estate plan. This can include:

• Whether genetic material can be used after death
• Who has the authority to make decisions about it
• Whether posthumous conception is permitted

Cases in Canada have shown that disputes can arise when these wishes aren’t clearly documented, which is why thoughtful planning can help avoid uncertainty for loved ones.

Supporting the Journey

Family planning today can take many different forms, and for many women the path isn’t always straightforward.

This article is by no means an exhaustive list of all the considerations involved. Rather, my hope is simply to bring awareness to some of the financial topics that can arise along the way.

What I want our clients to know is that I am committed to helping you learn about these issues and supporting you as you make decisions that are right for you and your family.

These conversations are deeply personal, but they’re also an important part of financial planning. And if this is something you or someone you know is navigating now, or thinking about in the future, it’s always a conversation I’m happy to have.