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How much does it cost to raise a child in Canada?
– moneysense.ca
Growing your family is a life-changing decision. As a parent, it impacts your finances, relationships and responsibilities. In 2011, MoneySense published what the editors believed to be “the most comprehensive and accurate estimate of the average cost of raising a Canadian child to age 18 ever published.” That was followed by a 2015 update, based on inflation-adjusted figures.
And so much has changed since then. Namely, the ever-increasing costs of putting food on the table, keeping your car running and having a roof over your head. That got me thinking about the total costs of raising a child in 2023. Using MoneySense’s original research (which has often been referenced), I’ve crunched the numbers again to account for nearly a decade of inflation. Here’s what you need to know about the real costs of raising a family in Canada. But before we dig into the numbers, let’s look at what life is like for parents nowadays.
Can I afford to have kids today?
Knowing the financial responsibilities that come with raising kids is an important aspect of family planning…
The best Visa credit cards in Canada for August 2023
– moneysense.ca
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The best Visa credit cards in Canada for August 2023
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
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Can you pay off your debt while saving for retirement?
– moneysense.ca
We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company pension. He has no RESP saved for his 17-year-old son and is expected to pay $8,000 in tuition fees, starting this September.
At 47 years old, I have a single-family home with a $760,000 variable-rate mortgage. This is where our family lives. We are boarding an international exchange student and plan to receive a monthly stipend of $1,200. I have $200,000 saved in an RRSP. I have $60,000 saved in an RESP for my 14-year-old son’s education. Any unused amount will be converted to my RRSP.
We have a cohabitation agreement where we agreed to keep our assets and debts separate.
My goal is to retire by age 65. However, my husband is unable to pay down his mortgage as he swallows his line of credit every five years…
