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.
In 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.