The Cost of Parenting in Canada by Arleen Jurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9 By Arleen Jurado en-us 2021-11-03 01:36:45 UTC 2021-11-19 23:51:44 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/1335992451/c3912033511af211e938d27d35f85fd3/Untitled_design__24_.png arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863251121
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.]]> 2021-11-03 01:38:19 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863251121 Image #1 A 2019 survey among B.C. parents arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863570019 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.]]> 2021-11-03 04:02:35 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863570019 Video #1: Child care costs spiking in Canada arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863587349 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.]]> 2021-11-03 04:14:00 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863587349 Website #1: Canadian millennials postponing having kids arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863600102 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.]]> 2021-11-03 04:22:34 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1863600102 Website #2: Average cost of raising a child in Canada arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864861041 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.]]> 2021-11-03 14:36:47 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864861041 Video #3: Child Benefits in Canada arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864883474 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.]]> 2021-11-03 14:43:31 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864883474 1. What did you learn about your topic that surprised you the most? arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864887526 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.]]> 2021-11-03 14:44:42 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864887526 2. Provide a real-life example of how this topic is relevant or interesting for you. arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864888977 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.]]> 2021-11-03 14:45:09 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864888977 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? arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864891990 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.]]> 2021-11-03 14:46:05 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864891990 Website #4: Best Canadian cities to raise kids arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864905030 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.
]]> 2021-11-03 14:49:59 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864905030 Image #2 Impact of COVID-19 pandemic on meeting children's basic needs arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864919519 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.]]> 2021-11-03 14:54:03 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1864919519 Website #3: Unexpected expenses when having a child arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1871217783 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.]]> 2021-11-06 05:37:12 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1871217783 Video #4: Guide for graduating debt-free arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1871219461 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.]]> 2021-11-06 05:41:23 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1871219461 Video #2: The cost of adoption in Canada arleenjurado https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1871222028 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. ]]> 2021-11-06 05:47:05 UTC https://padlet.com/arleenjurado/v7b0o7zbbcjcr2x9/wish/1871222028