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.
Food: $1,800 per year
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Clothing: $874 per year
An article on WhenToSaveMoney.ca notes the consistent expenditure of clothing in the Canadian parents’ annual budget, as kids will continue to grow out of their clothing and need new items frequently as they age, with extracurricular activities and associated uniforms, special equipment, and so on, becoming big-ticket items for already-strained budgets.
Increased transportation: $2,152 per year
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Diapers: $900 per year
A 2018 GlobalNews.ca article notes that the average Canadian child will go through over 2,700 diapers in their first year alone, so for disposable diapers, they’ve quoted this cost at about $550 per year (at least). The popular MoneySense article tags this cost at $900, and a blog post by YoungAndThrifty advises new parents prepare for costs anywhere between $550 and $1200. This one really varies, so we’ve gone on the safe side and tapped the mid-range MoneySense estimate.
Personal care: $260 per year
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Increased household costs: $2,834 per year
Healthcare: $255 per year
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School: $1,000 per year
While there are options for financing these costs — student loans, academic grants, scholarships, etc. — there are no guarantees that your child will qualify for those forms of assistance. This future school cost is one most parents will anticipate early on and begin saving for as soon as possible.
Additional cost of kids
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The grand total from birth to age 18:...
Between the rising costs of living in Canada, and the unique needs and expenses associated to each individual child from birth to age 18, it is almost impossible to nail down a specific tally of total expenditure. It’s fair to say that the average numbers are generally best used as a loose guideline, and in every category, smart Canadian parents know to always plan – and safe – for the unexpected.
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