Why sending a child to university is cheaper than you think
Parents in for a pleasant surprise
Why are mortgages so expensive in Canada?
Created By
Ratehub.ca
Many parents steel themselves for a hefty bill when their kids head off to college: Canadian universities estimate a typical student will spend $20,000 a year on living expenses, rent and academic fees. But financial planner Barbara Garbens says that when you look at your out-of-pocket expenses, you could be in for a pleasant surprise.
That’s because costs like clothing, transportation, groceries and entertainment aren’t additional—they’re already part of your family’s budget. It’s also worth remembering that most students are eligible for some kind of tuition assistance these days. In Ontario, students whose parents make less than $160,000 per year receive a 30% tuition rebate (or about $1,800).
On top of that, students who work full-time during the summer can reasonably help subsidize schooling costs by $4,000.
Possible savings over one school year*
Total cost: $20,000
-$4,700 existing living expenses
-$4,000 student contribution through job
-$1,800 tuition rebate
Actual Cost: $9,500
* 8 months
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
How to plan for retirement when you have no pension
Practical advice on how to build your retirement savings for employees at mid-career, the self-employed, single parents and more.
Canada’s inflation rate increased to 2% in October
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Inflation is on target in Canada, so why is food (and other stuff) still so expensive?
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
Estate planning for singles—is a trust company the answer?
Canadians with no children or siblings must consider estate planning alternatives. Here’s why trust companies can be a good...
The best high-interest savings accounts in Canada for 2024
Whether you want the highest interest rate or no service fees, these savings accounts will meet your needs.
The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Buying ETFs in Canada Tool: The MoneySense ETF Screener
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
Making sense of the markets this week: November 17, 2024
The Trump effect and Trumponomics, Shopify’s huge earnings beat, it’s sunny days for Suncor shareholders and more.
MoneySense at the MoneyShow: Capital gains and ETF sessions
Here’s how to get your free ticket to attend two MoneyShow virtual expos.