Budgeting and saving for your child’s education

Budgeting and saving for your child’s education

Between tuition, room and board, books, technology, transportation, and other expenses, the cost of post-secondary education can really add up. But, exactly how much do you need to save and when should you start saving? Let’s dig into the numbers.

How much does university cost?

Though you may use your RESPs funds for many post-secondary paths, university education is typically the most expensive route. Based on data from Statistics Canada, the average cost of a four-year university degree starting in 2022 is $96,004 for students in residence, or $48,074 for students living at home (a nationwide average across all programs). Of course, some schools and cities are more expensive than others, as are certain areas of study (see comparison) but this should give you a general sense of what to expect.

And as you can see below, costs are expected to rise every year for the foreseeable future:

How much will university cost my child?

How much can I save?

While situations can change over time, this handy tool will give you a picture of “how much” and “how often” you need to save to meet your savings goal.