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Monday, July 22, 2024

How much does it cost to raise a child in Canada?

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Raising children in Canada can be quite expensive, as data from Statistics Canada reveals that a family with an average income, consisting of a couple with two children, spends an average of $293,000 to raise one child until they turn 17.

For families with low incomes, earning less than $83,013 per year before taxes, the cost of raising a child decreases to about $238,190, while families with higher incomes earning over $135,970 per year will spend approximately $403,910 per child.

If children continue to live in their family’s home from ages 18 to 22, there may be additional costs ranging from $68,000 to $117,000 per child, depending on the family size and income.

The data is based on household expenditure surveys conducted from 2014 to 2017 and indicates that families allocate a significant portion of their income to housing, transportation, food, childcare, and education.

Recent childcare measures in Canada, including reduced childcare fees, have provided some financial relief to parents, and the government has allocated $30 billion over 5 years for the national childcare program.

High living costs are considered a significant factor contributing to delayed and reduced fertility, as young adults face increasing challenges in covering the expenses associated with raising children. According to StatCan data, the cost of raising children for single parents ranges from $231,260 for low-income single parents to $372,110 per child for those in the middle to high-income bracket.

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