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This wall will introduce you to the reality of the costs involved in raising children in Canada. Until a child turns 18 there are numerous (and extreme) costs involved in ensuring the child reaches adulthood from basic necessities such as food and clothing to daycare and education.

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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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What surprised me the most is the hundreds of thousands of dollars some parents will spend on their children's extra-curricular activities. I know that some children train to have a career in professional sports leagues, but I had no idea the amount of money that their parents will spend in order to provide them with the extra training and equipment to make them the best in their sport.

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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 chose this topic to provide me with a reference for the future. I do plan on having children with my husband in the not-too-distant future and this was an excellent reference for me to use when the time comes. I am definitely going to use the Child Cost Calculator from my first image to help us budget when the time comes.

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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 think the most important thing to pass on is to start budgeting as early as possible and be sure to plan for the high cost of childcare as well as the hidden costs involved with children. Also find discounts stores and accept second hand items or gifts as much as possible. Try to research as many hidden costs as possible and include their costs in the budget so you won't be blindsided by anything and you can focus on spending quality time with your child.

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Although this video is an advertisement for a financing company it breaks down the costs of raising children in Canada from food and clothing to babysitting and birthday parties. There are even costs that most people don't consider such as school supplies and technology for school.
I chose this video because the depth of coverage included was extremely well researched and even broke down costs by Province/Territory. I was surprised by the random costs involved in raising children such as school supplies, especially with younger children they require pencils, scissors, crayons, etc. Most parents plan for daycare costs, but there are also times when hiring a babysitter is required and that is an additional cost that many parents don't consider.

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What is The Average Cost of Raising a Child in Canada?

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Although it is a short clip, this video discusses the yearly and monthly costs associated with extracurricular activities and food for children and even breaks down the food costs for each gender.
I chose this video because I thought it was interesting that they discuss primarily the food costs associated with children and I did not realize that typically there is a higher food cost associated with boys than girls. I know the old adage of "he's a growing boy", but I didn't realize that there is proof that food costs for boys are higher. I also forgot about the fees and extra costs (uniforms, equipment, etc.) associated with extracurricular activities.

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This video discusses the costs relating to elementary school tuition in the cities of Ottawa and Calgary in both the public and catholic school system.
I chose this video because I was unaware that there are fees for children to attend elementary school. I know parents have to register the children each year, but I didn't realize that there are costs involved as well and that the fees vary in each province and school system. It is interesting to discover that the fees are higher in the Calgary public school system than the Ottawa catholic school system as well as the high cost of noon supervision.

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SCHOOL FEES IN CANADA for ELEMENTARY | how much I paid school fees for one year ? | sarah buyucan

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This video follows the families of 2 teen boys involved in soccer and hockey and the associated costs, scheduling, and training involved in each family's life.
I chose this video because, although costs are only discussed for a small portion, the video does include all of the additional costs related to each sport such as skills coaches and nutritionists. I was surprised to learn of the $7.2 billion spent on children's team sports each year in Canada that went up from $5.1 billion. I was also surprised to learn of the extra lengths some parents will go to in order to ensure their child(ren) is/are the best in their field.

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W5: The cost of developing elite young athletes in Canada

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This website lists the major finances related to raising children in Canada. Since the author is a finance expert he mostly discusses the benefits and insurance that parents should have for their children to have a bright financial future.
I chose this website because I thought it was a good resource for including the government benefits and personal insurance that would be beneficial for parents to have in order to cover the costs related to raising children. I was pleased to discover that the author included the costs related to Maternity Employment Insurance and life insurance (which didn't even occur to me would be beneficial to have) as well as and RESP and the Canadian Child Benefit. There are many websites with finances for the basic finances involved with children, but this is one of the few including the income available for parents.

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The Cost of Raising a Child in Canada - Money We Have

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The cost of raising a child in Canada is expensive. Find out the extra costs and how much money you'll get from maternity leave.

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This article shows the basic costs involved in raising children such as food, clothing, and education, but it also includes some costs that no one thinks of such as transportation and birthday parties and ways to help offset those costs.
I chose this article because I like that it breaks down daycare costs by the age of children (infant, toddler, preschooler) and it includes costs that parents may not have thought of such as transportation; not only indicating the cost of gas, but also including the price of bus passes (PRESTO) for the different aged children. Like the previous article it also lists different benefits and insurance to offset the costs of raising children which I think is a great resource to have when you see the reality of how much money it takes to raise a child from birth to 18 years.

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If you're thinking about raising a child, one of the first things you'll need to consider is how much it will cost.

Keep reading to learn more!

How Much Does It Cost to Raise a Child in Canada?

Let's take a better look.

Cost of Food

Expectedly, food is among the higher expenses you will come across. Based on the latest data, an average family of 4 will pay up to $14,767.36 for food annually. One way to reduce the cost of food is to cook at home rather than eat out.

Additionally, to reduce the cost of raising a child in Canada while saving on groceries, you could:

Make a list before you go grocery shopping and stick to it

Buy in bulk when items are on sale

Prepare meals at home instead of eating out

Cook with seasonal produce

Cost of Clothing and Diapers

Still, saving money on clothes is quite easy. For example, you can take advantage of sales, buy second-hand clothes, shop at consignment stores, or even buy clothes that kids can wear for more than one season.

Daycare Expenses

If you've decided on having kids in Canada, keep in mind that the daycare expenses might cost you the most. Sending a child to daycare can be challenging to afford for some families, particularly if they have more than one child.

On the other hand, parents from smaller cities like Quebec pay cheaper daycare fees, with an average monthly cost of $179.

Look for government subsidies in your province

Share babysitting duties with another family

Find a daycare that offers a sliding scale based on income

Consider hiring a nanny

Transportation Cost

However, your child can take a bus or tram as transportation or carpool with other kids from the neighbourhood. It might be more inconvenient, but you can save some money while your kid has fun with their friends.

To put things into perspective, a bus ride for 6 to 12-year-old kids is free with a PRESTO card, while 13 to 18-year-old kids pay $92.40 for a monthly pass. When travelling with a paying customer, children who are 5 and under (when travelling with a paying customer) can have a free bus ride.

School Expenses

The good news is you can reduce this cost by buying second-hand clothes and supplies, asking your child's teacher for a list of requirements to avoid buying unnecessary items or looking for sales and discounts.

Saving For University

If you're planning on saving for your child's university education , you'll need to start saving up early. Education is another significant expense that affects the cost of raising children .

As per recent stats, enrolling in full-time undergraduate programs at a Canadian university costs approximately $6,693 per year, excluding additional expenses. Presumably, the average student will spend a lot more annually when we factor in books, housing, and other related costs.

Other Expenses

Birthday Parties

There's no doubt that children love a good birthday party, especially when it's their own. Nevertheless, providing a fun experience for your child comes at a price.

Extracurricular Activities

To save money on extracurricular activities, you can look for free or low-cost options in your community. You can also see if your child can participate in a team or club through their school, which is also more convenient.

How to Offset the Cost of Raising a Child in Canada?

Maternity Employment Insurance

The Canadian government offers an Employment Insurance program (EI) to lower the cost of having a baby in Canada while on maternity or parental leave . At the time of writing, the government has the following eligibility requirements:

You are currently expecting or have recently given birth.

You are a parent caring for your infant or newly adopted child.

Your weekly work income has decreased more than 40% for at least 1 week.

Until September 24, 2022: you collected at least 420 insured work hours in the 52 weeks before the start of your claim or since the start of your last claim, whichever is shorter

Per official sources, the basic rate for calculating Employment Insurance (EI) benefits is 55% of people's average insurable weekly earnings.

Canadian Child Benefit

Wondering how much you could receive? The maximum amount for one child is around $560 per month for children younger than 6, and approximately $480 monthly for children below 18 years of age.

Additionally, from J uly 2021 to June 2022, you could get up to $2,915 for every child qualified for the disability tax credit.

Life Insurance

A parental lifestyle can cost you some serious money. Another way to minimize the total amount is purchasing life insurance . This type of policy can help your family financially if something happens to you.

Registered Education Savings Plan (RESP)

The Registered Education Savings Plan (RESP) is a government-sponsored program that helps families save for their child's education .

You need to open an RESP account and make regular contributions to be eligible for this benefit. The government will then deposit money into your account based on your investments. Generally speaking, it's a secure and reliable way to offset the cost to raise a child in Canada .

Final Thoughts

So, what does all of this mean for Canadian parents? Though raising a kid is no easy feat, the government offers a number of benefits and tax breaks to help offset some of the costs. We hope our guide gave you a better insight into parenting expenses and provided you with answers on how to reduce them.

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The Cost of Raising a Child in Canada: A Guide for New Parents

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If you're thinking about raising a child, one of the first things you'll need to consider is how much it will cost. Keep reading to learn more! Let's take a better look. Expectedly, food is among the higher expenses you will come across.

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This article focuses on the real-world costs of raising a child from newborn to the end of the first year. There are also charts and graphs at the end for easier reading.
I chose this article because I like that the author actually kept a record of her spending so the majority of the costs are not estimates, but what she actually spent in each area. I also like that she included the costs for postpartum care which I have not found included anywhere else yet. It is one of the expenses that no one accounts for, but a woman's body does require a lot of care to heal after giving birth. I think the charts and graphs at the end are a great inclusion; for anyone who found the article difficult to follow they are very easy to read.

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This website breaks down the basic daily costs included with raising children per year, but it also includes a couple of costs that most people would not think of such as healthcare, household (baby-proofing), personal care, and braces.
I included this website because, although it does list the same items as most other websites, it does include the "hidden" costs that most people would not think to consider. When I think of what is required to raise children I think food, clothing, shelter, and education, but I do not think of the little items included such as personal care, baby-proofing, or healthcare. I know that OHIP covers a lot of items, but there are some prescriptions that may not be fully covered by insurance not to mention the over the counter items required for minor illnesses and injuries.

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In an article by MoneySense, it's estimated that Canadian parents will shell out approximately $254,000 on each child, from birth to age 18. This amounts to about $13,000 per year - and every year, it seems these numbers are only climbing higher. When considering the costs of raising kids in Canada, there's no such thing as too much research. Read on for some average costs that parents can expect to spend per year on children.

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Here's how Much Kids Actually Cost and Why - Slice

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In an article by MoneySense, it's estimated that Canadian parents will shell out approximately $254,000 on each child, from birth to age 18. This amounts to about $13,000 per year - and every year, it seems these numbers are only climbing higher. When considering the costs of raising kids in Canada, there's no such thing [...]

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This image is included in the article "The cost of raising a child? Now there's a calculator for that" at: https://globalnews.ca/news/4271482/canada-child-cost-calculator/ and it is an example of the result from the child costs calculator in the article.
I included this image because I like the monthly and yearly breakdown charts per child. It is interesting to see that from the ages of 3-5 the monthly and yearly costs decrease steadily, but then they increase steadily until age 17.

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This chart shows the difference between the cost of childcare in major cities in each Province.
I included this image because I thought it was interesting that Montreal and Quebec City have such a small cost in relationship to the other Provinces and it's amazing to see the huge cost of childcare in Toronto.