It is currently estimated that the cost of raising a child from birth to age 18 is $250,000. For most parents, the cost does not stop here. If your child wants to go to university, that cost can more than double.
n 1990 the average annual tuition fee in Canada was $1,464. For the 2012/2013 academic year, the average annual fee has increased by 281% to $5,581. The average annual tuition fee for law students is $9,949.
Source: Statistics Canada, The Daily, September 2, 2004
In 1990 the average student debt after a four year university program was $13,000. The average debt of a student graduating in 2012 was $20,000.
If you have a child born in 2007, the Canadian government estimates the cost for a 4 year degree in 2025 to be over $66,000 if living at home. If the student lives away from home, the added living expenses will push the total cost to more than $122,000. If attending a school outside of Canada, the estimated cost will be over $260,000
Raising and educating a child is by far the most significant expense faced by most Canadian families.