Many people see raising kids as one of life’s most fulfilling jobs, but in today’s world, raising a family doesn’t just take love, patience and nurturing – it also takes money.
The cost to raise a Canadian child from birth to adulthood is estimated to range from $193,000 to $250,000.
There are a range of tools and resources to help you make money plans for the future. These range from child tax benefits to programs that may help cover some of the high costs of your child’s post-secondary education like a Registered Education Savings Plan (RESP).
6 government resources that can put money on your table
- Employment and Social Development Canada can provide you with information on Registered Education Savings Plans (RESPs) and the Canada Education Savings Grant (CESG).
- Find tips and tools for planning for higher education at CanLearn.
- The Ontario Child Care Supplement (OCCS) may provide a tax-freeTax-free Money that you do not pay tax on.+ read full definition monthly payment for low- to moderate-income working families who qualify.
- The Canada Child Benefit also provides a taxTax A fee the government charges on income, property, and sales. The money goes to finance government programs and other costs.+ read full definition-free monthly payment for eligible families with kids under the age of 18.
- If your child is involved in activities, such as sports or music lessons, take a look at the Children’s Activity Tax Credit.
- The Child Disability Benefit helps families that care for children who have a prolonged physical or mental impairment.
Taking advantage of any of these programs can make a big difference to your family’s finances in the long run. Find out which programs you qualify for and make a plan to get started.
- The average debtDebt Money that you have borrowed. You must repay the loan, with interest, by a set date.+ read full definition load per household is now $103,000. (Source: Vanier Institute of the Family)
- Debt-to-income ratios have increased by 57% in the past 20 years. (Source: Vanier Institute of the Family)