(NC) We’re all dealing with a higher cost of living. If you’re the parent of a student heading off to post-secondary school this year, you’re probably feeling the pinch more than most. According to Statistics Canada, 2023/2024 tuition fees for an undergraduate degree across Canada averaged $7,076.
And that’s just for tuition. There are also expenses for textbooks and other course materials, student fees, school supplies and modern-day essentials like a laptop and a cellphone. The CST Foundation projects the cost of a four-year university program while staying at home would be $78,000 in 2042, based on university websites and Statistics Canada data.
If your child wants to go to school out of town, out of province or out of country, they’ll have to factor in the cost of accommodations and meals. Many first-year students opt to live in residence and sign up for the school’s meal plan. But, if they want to rent an apartment, they should know that most leases are for 12 months, even if they’re only in school for eight.
The good news is there are ways to help offset the costs of attending post-secondary school. Many schools offer admission scholarships based on academic, artistic or athletic achievements. You may also qualify for bursaries or other financial aid directly from the school, or from charities and foundations.
One of the most common ways Canadian parents can plan for the costs of their child’s education is by opening a Registered Education Savings Plan (RESP). RESPs offer great incentives to help grow your investments. The Canadian federal government, and some provinces, provide ways to accelerate RESP savings through grants and tax-deferred growth.
RESPs offer flexibility for a range of post-secondary options including college, university, trade schools and apprenticeship programs.
Learn more about student awards and RESP options at cst.org.
