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Being a parent is a life-changing decision - it is an act of service that takes a lot of commitment. So no matter how joyful you think it is, you must set your expectations before becoming a parent.

Here, we explore the cost of modern parenting in Canada, the factors influencing parents' financial decision-making, and other subjects that revolve around the price of parenting.

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Image #1 A 2019 survey among B.C. parents

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Image #1 A 2019 survey among B.C. parents

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A survey in 2019 shows the attitude of British Columbian parents towards their retirement plans - 49% of respondents think that helping their children with post-secondary costs will delay their retirement plans; But only 10% have actual experience in postponed retirement.

While this does not represent all regions of Canada, it is quite surprising for me to learn that in a highly developed country, there are still fears of delayed retirement among these parents because of the cost of education. It shows that as much as parents want their children to be financially independent, they do not want them to shoulder the burden of student debts.

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Video #1: Child care costs spiking in Canada

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Video #1: Child care costs spiking in Canada

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The video explains that it matters where you are in Canada as a family. In fact, the daycare cost ranks second to mortgage cost across Canada. It has been described as "rising faster than inflation." Toronto, Vancouver, and Calgary are the top three cities with the highest daycare costs (in order), whereas Quebec and Montreal rank lowest because of subsidies the residents enjoy.

Child care cost is one of the biggest concerns when raising a child in any country where I presume to have high demand but little supply of this service. This is one of the reasons I think dual-earning families may have considered having an only child. Not only because it would hurt the family's income, but it could also be a dilemma for one parent to stop working and become a homemaker instead.

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Website #1: Canadian millennials postponing having kids

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Website #1: Canadian millennials postponing having kids

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Parenting can be quite scary, and the economic landscape is evolving. That is why it is no surprise that in 2018 it was reported that one in five Canadian millennials are postponing having children because of financial concerns that come with raising a child.

The article tapped millennials being worried that they may not give the same things they had when they were younger,  concluding that they may not be as good providers as their Boomer or Gen X parents. As someone who is now a millennial parent with friends who are worried about building their own families, I can attest to this. There is this pressure to be financially independent before your 30's or before you get married. Our parents think that having a stable job and owning a house are essentials in starting a family. However, just like the article says, it is okay if you cannot provide everything to your children. For me, as long as you work hard, manage you financial goals and budgeting responsibly, parenting is just a matter of perspective.

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One in 5 Canadian millennials are delaying having kids due to money worries: BDO - National | Globalnews.ca

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But financial advisors say you shouldn’t let money dictate family planning.

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Website #2: Average cost of raising a child in Canada

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Website #2: Average cost of raising a child in Canada

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The 2021 article shared the different expenses of raising a child in Canada. For example, for food, the cost could be between $900 to 3,000/year; up to $76 a month for clothing during the first year; diapers, $500 a year; whereas; daycare costs vary across all cities in Canada, with Ontario, British Columbia and Alberta topping the most expensive daycare costs. It also explored some of the expenses after the child's first year, but overall, raising a child can cost as much as $13,365.63 annually.

Indeed, it might be discouraging to have a child. However, the way I see it, it really boils down to where you plan to raise your child since the cost of living in a place affects how you budget your expenses and save for your financial freedom. Therefore, in the following post, you will see the cities in Canada that could be an excellent fit for your financial plans.

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In 2019, there were 372,038 Canadian babies born to families across the nation.

If you're thinking about having a baby yourself, you have to consider, "how much does it cost to raise a child?" and how that cost will impact your family's financial situation. The cost of raising a child has changed over the years. About 20% of Canadian children have impoverished families, making this much more difficult.

What is the cost of raising a child in Canada specifically? Is there a way to know how to save money while raising a child?

Learn more about the cost to raise a child in this country and whether or not it is something you can truly afford below.

The Cost of Food for Raising a Child

The cost of food is one of the biggest costs that you may not spend that much time considering, but it's important that you do. Families that want to focus on healthy eating may have to pay a little bit more.

While food costs are increasing in Canada, the income levels for many families are remaining the same. If you're adding another mouth to feed to your family, especially if the child may have allergies or special dietary needs, you have to consider the cost of food for years to come.

Many women breastfeed obviously, but for those who cannot, formula is the only option for providing your little one with the liquid nutrients needed to grow and sustain. While formula has come a long way, it's also very pricey. The average yearly cost would be anywhere from $900-$3000/year.

Clothing Costs for Raising a Child

Many parents love to shower their new baby or child with cute clothing, but the cost of this adds up really quickly! Many parents spend as much as $76 per month in the baby's first year, but of course, this is affected by income levels.

As your child gets older, they may require special clothing for sports or other activities that they are involved in.

Babies grow relatively fast, so you will have to replace clothing often for the child as they grow well into their teen years.

Luckily, there are better options than buying new clothing every time your child outgrows something. One of those options, Once Upon a Child, makes it easy to sell clothing your child doesn't use anymore and buy clothing that another child doesn't use anymore - a win-win situation.

Diapers

With diapers, the numbers you need tend to decrease the older your child gets. But that doesn't change the massive amounts you'll need, especially in the first two years.

On average, parents will change 60 diapers in the first ten days of a child's life, which means the largest box you can find, usually containing 144 diapers, won't last an entire month. The cost of a box this size usually runs around $40. This means that you will be spending upwards of $500 per year on diapers alone.

Daycare Costs

Prices will vary based on whether you go for a full-day daycare center or if you choose a family or home-based childcare center. For the purposes of average costs here, we will focus on the cost of full-day daycare centers in each province.

The price also varies based on the age of the child. For instance, infant and toddler costs are typically higher than preschool costs because these younger children require more attention and care. For this reason, we will provide a range of prices in Canadian dollars that cover these ages.

The average range of full-day daycare prices per province are as follows:

Parents in Quebec are at the highest rate of daycare use with 58% of parents using these services.

The cost of daycare is different in major cities because these businesses usually have to pay more to operate in those cities, but they also know that income levels are typically higher for parents in these urban areas.

Transportation Costs of Raising a Child in Canada

There will be costs associated with transporting your child, such as to school, to activities, or to friends' homes. If you're using your vehicle, you can likely anticipate how much the additional cost may be based on what your current fuel efficiency is like.

If you're planning to have your child rely on public transportation, the costs are different.

Bus Pass

A monthly bus pass in Canada costs near $100 in many provinces, but the costs do vary based on your location.

If you're planning to ride the bus with your child, that's an additional cost to cover. It's important to know local laws surrounding this topic as well.

In Canada, three provinces ( New Brunswick, Quebec, and Ontario) have age requirements for when children can be left alone. This includes being alone to ride the bus.

School Bus Fees?

Some locations require a school bus fee for yellow buses that will take your child directly to and from school. Not all provinces have these fees.

For instance, in Calgary, Alberta, the fee for school buses has just increased to $465 or $800 for families.

School Associated Costs

No matter where you live, there will be costs associated with schooling. Since your child is in school for many years, the costs will change as they get older.

Laptops and Tablets

Some schools will provide these devices to your child for use, while others may require families to purchase them on their own.

The best budget laptops range from $200 to $800.

Purchase these items at secondhand locations, like Craigslist, eBay, Kijiji, or a local electronics store. The cost for a used laptop can vary greatly based on the company that made it or the year it was made.

Supplies

Children typically need more school supplies when they are younger, including pencils, scissors, glue, crayons, and tissues. Expect to pay near or more than $650 for younger children's school supplies.

As they get older, they may need books, backpacks, or electronics to keep up with their requirements, but these vary from school to school.

If you're unsure about whether you can afford these supplies, consider shopping at dollar stores. You will often be able to find what you need at a much lower cost.

Online Memberships

One of the parental expenses in Canada that is often forgotten is online memberships for students. These memberships provide additional opportunities and skills to children, but they come at a fee depending on the membership you choose.

An example of this is ABC Mouse. This service costs $79.99 per year.

Another option is Learn With Homer. This online early learning membership is usually priced at $119.88.

School Trips

While the school may cover some of the costs of school trips, if they don't have the full cost in their budget, your family may be asked to pay for your child's participation.

These fees will vary depending on several factors, including the average socioeconomic situation for families in your area, the type of trip it is, and more. Without additional payment, however, your child may be left out of the fun.

Some examples of school trips include:

While the school may cover some of the cost, the average cost for a child's ticket to a museum, like the Canadian Museum of History, is $11 for children 8-12 years old.

Summer Camp

This is not a necessity for families, but it can be a great way for your child to get exposure to different experiences and learn new skills or hobbies. It's also a wonderful chance for socialization and making friends.

There are options for a summer camp that are either far away from home or local, regardless of where you live in Canada.

Local options may be less expensive because they require less travel, but the fees to attend could still be higher. Farther away options, such as those in northern or southern Canada, could face the opposite problem.

Kawkawa Camp, as an example, costs $455 for youth camps and junior teen camps.

Saving for University

Another one of the big Canadian parental costs is saving up for university. While not all children will attend university, many Canadian parents want to save for this expense because it is a large expense, and not preparing beforehand can cause a lot of stress.

A Canadian citizen that wants to attend university as an undergraduate in Canada will expect to pay about $6,463 per year.

What are the options that you have? How can you possibly afford to save this much with the cost of everything else?

Some parents will choose to open a Registered Education Savings Plan (RESP) for this purpose, which is a specific savings account for a child's education following high school.

Other Raising a Child Expenses

Birthday Parties

How much do you think the average first birthday party costs for a child? The answer is anywhere from less than $50 to over $500.

Of course, not all parents will spend the same amount on these parties every year, but it's a cost that many parents don't often consider. $500, even once a year, is a lot of money for many families.

Extracurricular Activities

If your child grows up to be involved in activities, like dance, baseball, or hockey, these will cost some money. You may have to pay for your child to be able to participate at all, but you'll also have to cover fees for travel to tournaments, costumes or gear, and more.

The average family will spend around $1,160 on hobbies and extracurricular activities.

Babysitting Fees

The average rate for a babysitter in Canada is about $14.54 per hour. It has gone up slightly in recent years.

As a new parent, you'll likely need some time away from the baby from time to time, and hiring a babysitter may be something you do more often than you think. This cost can add up.

Know the Cost of Raising a Child in Canada

Overall, it's clear that the cost of raising a child in Canada can be pretty high for most families.

Annually, children cost about $13,365.63. This means that the average cost of raising a child per month is about $1,113.80.

If you want to have a child, you need to be prepared financially. What is the best way to do this?

At Insurdinary, we have many financial planning and personal finance resources available to you. Check out our blog to learn more!

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What's the Average Cost of Raising a Child in Canada?

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In 2019, there were 372,038 Canadian babies born to families across the nation. If you're thinking about having a baby yourself, you have to consider, "how much does it cost to raise a child?" and how that cost will impact your family's financial situation. The cost of raising a child has changed over the years.

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Video #2: The cost of adoption in Canada

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Video #2: The cost of adoption in Canada

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Jenn Least shared that there are five types of adoption in Canada, and the costs, time, and experience vary across these five types. First, international adoption can cost someone between $30,000-50,000; private adoption could cost about $15,000; kindship adoption usually will not cost anything but could go up to $3,000; embryo adoption could go as high as $10,000; and lastly, public adoption is free.

Not every couple or individual can have their own child, or maybe they chose not to. So, I think it is essential to bring awareness about adoption as an option and how much cost is involved. It is a relief to learn that there are different types of adoption in Canada, and the cost could be practically free.

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How Much Does it COST to ADOPT in CANADA?  International, Private and Public Adoption costs in 2020!

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Website #3: Unexpected expenses when having a child

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Website #3: Unexpected expenses when having a child

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The article shared that life insurance is one of the unexpected costs in raising a child. Also, extracurricular activities, birthday celebrations, and moving expenses are mentioned, among others.

Whether it is for you or your child, it pays to have some protection against possible financial costs; that is why we should have at least insurance that we can maintain. Aside from having auto insurance, I believe that life insurance also gives some sort of peace of mind. Regarding some expenses like extracurricular activities or special occasions, I think they are nice-to-have, but do not necessarily need to be premium. Furthermore, I think that moving expenses should be included as a buffer in our budgeting because, just like the article said, as our family grows and as our child grows, our needs also change. And, to accommodate these changes, we need to make adjustments in our living environment.

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"[Birthday parties] catch a lot of people off-guard," says Rona Birenbaum, CFP and founder of Caring for Clients. "20 times 20 is a heck of a lot of money. It's $400 that you might not have budgeted for." (Getty Images/PhotoAlto/Sigrid Olsson)
Having a baby is expensive. It's estimated that, in Canada, a child will cost you between $10,000 and $15,000 a year until they turn 18. Couple that with recent RBC Economic Research that found women aged 25 to 34 face a 48 per cent income loss in the first year after having a child (while on parental leave). [See Can Canadians afford the new parental leave options?]

We asked a few financial-planning experts to weigh in on the unexpected costs of child rearing and how parents can plan their budgets around them.

1. SPONTANEOUS SPENDING

As a sleep-deprived, caffeine-infused new parent, whipping out the credit card happens easily, cautions personal finance expert Barry Choi, known for his blog Money We Have. These costly activities range from ordering in food too often to splurging on that product that promises to stop colicky cries.

"Being a new parent messes with you," says Choi. "You think you are going to be smart with your money, but when your child comes and is non-stop crying, you do stupid things with your money."

If you do get caught up in careless spending, adds Choi, take comfort in the fact that you have likely cut back on expenses-such as nights out on the town-since having the baby, leaving yourself some room to splurge on conveniences.

"The good thing is, when you have a new child, the odds of you going out to the movies, and dinner are probably less frequent, so it balances it out to an extent," he says. "But at the same time, for some families, it's a real struggle because you are going down to one income."

2. THE UNEXPECTED

If you don't have a will or life insurance, now is the time to get them, advises Rona Birenbaum, CFP and founder of Caring for Clients. You never know what emergency life will throw your way, so protecting your dependents should be a priority. According to a 2018 Angus Reid Institute poll, half of Canadians (51 per cent) don't have a last will and testament in place, with 25 per cent saying they are too young to worry about it, 23 per cent saying they don't have the assets to warrant it, and 18 per cent saying it's too expensive of an investment.

"The moment you have financial dependents, life insurance becomes something that is a responsible thing to do as a parent," says Birenbaum. "A lot of people just don't think about it and don't budget for it."

Wills vary in price, depending on whether you choose to invest in a will on its own, or in a full estate plan. Life insurance costs also vary depending on your age, lifestyle and health condition. Factor these expenses into your budget.

3. EXTRACURRICULAR ACTIVITIES

Beyond making sure you're on daycare waitlists and are, at least, mentally prepared for that hefty investment down the line, there are also extracurricular activities to think about.

You'll likely feel the pressure to join in as other parents around you enroll their little tykes in music classes, guardian swimming lessons and soccer. According to a 2018 Ipsos survey for Global News, 55 per cent of Canadian parents agreed that the cost of their kids' activities puts a strain on family finances, with 32 per cent saying they are using debt to fund extracurricular activities. Money expert Jessica Moorhouse reminds new parents to revisit their family budget regularly to add these new expenses, perhaps finding new ways to save, rather than entering the debt cycle.

"It's difficult to plan for because you don't know what to expect," she says. "Lots of people will just use their credit card or line of credit...but wouldn't you rather over save and have cash? You don't want to start your new journey of being a parent by getting into debt."

4. BABYSITTING COSTS

You may need someone to watch your baby for a couple of hours, but this can cost a pretty penny if you don't have free childcare. Factor in the cost of a babysitter-which can be as high as $17 per hour, according to Canadiannanny.ca-and an evening out for dinner and a movie proves expensive.

On the bright side, as Choi mentioned above, you likely haven't been out in months, so overall entertainment costs have gone down, and heading home early to relieve the babysitter, keeps costs down as well.

5. BIRTHDAY CELEBRATIONS

Party invites for kids start as early the first birthday, particularly if you belong to a parents' group. It only continues as your child moves into daycare, preschool, kindergarten, and so on. Twenty presents later at $20 a pop and kids' birthday parties now have their own line item in the budget.

"[Birthday parties] catch a lot of people off-guard," says Birenbaum. "20 times 20 is a heck of a lot of money. It's $400 that you might not have budgeted for."

Plus, you will also have added expenses when it's time to celebrate your child's birthday, with 20 birthday invitations to send out, buying pizza for kids and their parents, and 20 loot bags to put together. So, adjust your budget accordingly.

6. MOVING EXPENSES

You thought that one-bedroom rental would be big enough for the three of you. They're called "little ones" for a reason, right? All of sudden, you've outgrown your living space with cribs, change tables, strollers, toy bins and tantrums taking over. It's time to move.

This will overhaul your budget, particularly if you are graduating from renter to homeowner, says Moorhouse. Added expenses include moving costs, mortgage and home insurance, property tax and additional utility bills.

"New parents think that the place they are living in is totally fine," says Moorhouse. "Then they realize their neighbours are very loud, there are stairs and no elevator...and they need to move. Now they are new homeowners on top of being new parents."

MORE TIPS ON BUDGETING FOR A BABY

Check out CPA Canada's financial literacy guide: Babie$: The real story of how much they cost. To learn more about estate planning, CPA Canada's financial literacy session, Estate planning: Learn how to create a plan to distribute assets, during life or upon death, can provide more insight.

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6 unexpected costs when having a baby | CPA Canada

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Financial experts weigh in on how to plan your budget around surprise expenses for new families

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The video discusses the different child benefits you can receive in Canada. First, there is Employee Insurance that could get you paid up to $573 per week. Second, you could get roughly about $500 per month per child throughout the eighteen years through the help of Child Care Benefit. Third, children can receive free education starting at six years of age up to their eighteenth year. Lastly, if you are in British Columbia, you may qualify for Property Tax Deferment Program - basically, it allows you to defer your property taxes on your principal residence.

I like how Canada has more than one child benefit to help Canadian families. Of course, it is not new knowledge that each child born in Canada is entitled to a monthly payment from the government. But when I first heard of it, I was in awe because that is such a fantastic advantage that we don't have in my country. However, a piece of new information for me is a children's tax deferment program in BC - this is something that parents who are not planning to stay in a province for too long may consider in the future.

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4 HUGE Child Benefits in Canada | Canada Child Benefit | Parental EI & Maternity EI | RESP

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1. What did you learn about your topic that surprised you the most?

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1. What did you learn about your topic that surprised you the most?

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I am not unaware that there is a childcare benefit in Canada, but I was just surprised that there is more than one benefit depending on your situation or where you live. And, I think living in Canada gives you some freedom to choose what kind of opportunities and benefits you would want for your family. It's not like in my home country where business opportunities or high-paying jobs are only found in big cities; therefore, people in the rural areas move to these cities or choose to work overseas.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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I am a mother to a toddler, and honestly, I already worry about his future even if we still have a lot of years to focus on the fun side of things before college. And as a millennial parent, I know I need to adapt and maybe set aside the norm that I was familiar with - like, not letting my child do part-time work and just focusing on his studies while we fund it. Instead, I now believe in teaching them to be financially independent during their development years and making them appreciate how fulfilling it is to work for something without depending on their parents. It also gives us, parents, the privilege to build our retirement fund. If the middle school or primary school cannot teach my kids how to manage their savings, I will teach them.

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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I'm just going to reiterate what I have answered in the second question. I would like my family and friends that supporting your child's education does not necessarily mean you have to go all out. I know that as parents, it might sound unfair for the child since the child did not choose to be brought into this world; the parents did. But, I would like to foster an interdependent relationship within my family instead of a benefactor-beneficiary relationship. I would like my kids to understand their privileges and not take them for granted. Somehow, I feel that this kind of approach would relieve an individual of his worries about becoming a parent.

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Website #4: Best Canadian cities to raise kids

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Website #4: Best Canadian cities to raise kids

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The cities/towns in the province of Quebec are topping the list. It has the most affordable childcare and most family-friendly city. But the best overall city to raise children in Canada is Saint-Bruno-de-Montarville.

I like that the article included the most diverse city, Toronto because we don't usually think about this factor when raising kids. I like the idea that they have promoted diversity and inclusivity as something to consider when nurturing family values.

I have heard good things about the perks of being a resident in Quebec. But, I have learned now that they rank as one of the best because of high median household income and low unemployment rates. It is important to explore opportunities that will help us in saving and budgeting.

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Raising a healthy and happy family in 2021 is tougher than ever, what with rising costs of living, safety concerns and the countless other variables that come into play when you've got little ones to consider. We've done some digging to bring you nine Canadian cities that earn top marks when it comes to fostering healthy lifestyles and thriving communities that prioritize the success of their local families.

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The 9 Best Canadian Cities to Raise Kids - Slice

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Raising a healthy and happy family in 2021 is tougher than ever, what with rising costs of living, safety concerns and the countless other variables that come into play when you've got little ones to consider.

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Image #2 Impact of COVID-19 pandemic on meeting children's basic needs

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Image #2 Impact of COVID-19 pandemic on meeting children's basic needs

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The infographic illustrates how challenging it is for families to meet the basic needs of their households during the COVID-19 pandemic. For example, 38% reported that they find it difficult to pay for usual expenses, while 34% were worried about not paying monthly rent. In addition, 12% said that they experience insufficient food supply.

As a parent, it is heart-breaking to show your kids that your family is financially-challenged. However, 34% to 38% is relatively high, which may increase if everything doesn't go back to normal. Having a roof over one's head is equally important as having something to eat. This is a dilemma for some parents not just in Canada but all over the world.

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Video #4: Guide for graduating debt-free  

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Video #4: Guide for graduating debt-free  

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In this video, Jenn Least, shared her experience on how she graduated without student debt. It's not unusual for someone to pay off student debt for about 10-15 years after graduating. Her first tip is to make money or save money as soon as you're capable of it - don't spend your birthday money, part-time salary, etc. Also, she said to take advantage of bursaries and awards. Also, she shared a work-around hack: you can apply and get approved for OSAP funding and pay right back immediately, but still get qualified for bursaries and awards (given that your school only allows students to be in a government assistance loan program. Finally, she said to spread your education for a more extended period if you don't have the money.

So, I think her tips are practical and reasonable. I get that who spends a child's education differs from one culture to another. But I feel that times have changed, and I agree that parents may opt out of paying their child's entire tuition fee. I would also like to teach my kids how to be financial-savvy and practical as soon as they hit puberty. I don't know if I exaggerate, but I would like to give them a reality check and help them with their personal development/financial roadmap annually.

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GRADUATE WITH NO STUDENT LOANS IN CANADA! / Guide for parents and students on zero school debt.