How much you can expect to pay for post-secondary
education in Canada
Between tuition, books, tech and other expenses, the price of post-secondary
school can add up.
May. 25, 2023
3-minute read
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Saving for a child’s education sets them up for a better future. But with school fees and the cost of living on the rise, it can be difficult to gauge how much it’ll cost to send your child to college or university. Knowing the answer is the first step in developing a savings strategy.
Here are some questions that will help give you a better picture of the total cost of your child’s education expenses:
How many years until my child will attend post-secondaryschool?
What type of program will they be enrolled in?
Do I want to fund their full schooling costs, or do I expect them or others to contribute?
Besides tuition, what other costs will my child have while in school?
Will they live with me or in residence? Will they study abroad?
Will I be supporting more than one child through their post-secondaryeducation?
Do I qualify for provincial assistance or student loans?
There’s tuition…and then some
For Canadian citizens and permanent residents, tuition fees are between $2,500 and $11,400 a year, depending on the school, province, program and degree level.
You can find tuition and fee information as well as budget calculators for your child’s program and school of choice directly from the institution and add up the costs for each year. Keep in mind that tuition can rise from 0.1% to 6.5% across Canada¹.
But tuition fees aren’t the only costs your child will have to contend with. You might also want to make sure you’ve got additional costs covered, including:
Course materials, like textbooks, technology and supplies
Housing, if they choose to live on-residence or rent nearby
Food
Transportation
Other expenses
Decide how much will you cover
You can pay for part of your child’s education and still have a meaningful impact on their future. Paying for one or two years of study or agreeing to pay their tuition but letting them pay for their living expenses are both great options that could help make your contribution go further.
Look into what resources are available
Don’t overlook scholarships, grants and bursaries. From academics, sports and volunteering to grants based on your child’s grades, every dollar counts. Additional government grants may be available that vary by province.
And if your child will be contributing their own savings or is planning to work part-time while they attend school, don’t forget to factor this into the overall cost.
There’s a bright future ahead
Post-secondary education is a big financial commitment, but a great investment in your family’s future. Knowing the costs and how you’ll cover them will help you build a budget you can all feel good about. An advisor can help you determine the cost of your education savings goal and decide how much of your budget to set aside.
1 Source: Statistics Canada, Tuition Fees for Degree Programs
2 Source: Statistics Canada. Tuition, Living and Accommodation Costs, 2017/2018. Tuition cost includes compulsory fees as well as estimates for textbooks and incidentals. Residence cost includes tuition, compulsory fees, meals and lodging, as well as estimates for textbooks and incidentals.
Need some financial advice?
Book a chat with one of our advisors. They can help set you up for success, today and into the future.
