Future Education Costs

Projected Costs of a Four-Year Program

The average national one-year cost of university in 2020/21 was $22,730 for students in residence and $11,330 for those living at home. Here is what the total cost of a four-year program (national average) could be in the future*:

The first year of tuition for students enrolling in a Canadian university in 2038 could cost them as much as $31,471 – that’s more than $129,000 for a four-year program. And as you can see below, tuition is only going to increase.
 

Year of Birth Year of Admission to Studies 4-Year Program with Residence 4-Year Program without Residence
2004 2022 $96,004 $48,074
2005 2023 $97,871 $48,981
2006 2024 $99,767 $49,897
2007 2025 $101,684 $50,814
2008 2026 $103,621 $51,731
2009 2027 $105,588 $52,668
2010 2028 $107,595 $53,615
2011 2029 $109,631 $54,581
2012 2030 $111,698 $55,548
2013 2031 $113,795 $56,515
2014 2032 $115,922 $57,502
2015 2033 $118,079 $58,489
2016 2034 $120,265 $59,485
2017 2035 $122,492 $60,502
2018 2036 $124,759 $61,529
2019 2037 $127,056 $62,556
2020 2038 $129,393 $63,603
2021 2039 $131,769 $64,659
2022 2040 $134,166 $65,716
*Projections based on Tuition Cost, 2020-2021 Preliminary (Statistics Canada). Weighted averages include public and private institutions. Compulsory fees cover items such as athletics, health services, and student association fees.
** "Without Residence" costs are calculated for students who live at home while pursuing their studies, not having to pay for either food or shelter costs.

Having my parent’s endless support, including financial backing, allowed my brother and I to be the first members of our family to attend Canadian universities and pursue all the opportunities that have come with that experience.

Harkanwal
B. Sc., McMaster University
Knowledge First Financial student beneficiary

Harkawan Randgawa

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