The Big Story
It costs HOW MUCH to raise a kid in Canada?!?
Nov 30, 2024
Chantal Braganza, a Toronto-based writer and editor, joins to discuss the staggering costs of raising children in Canada, estimating it at $293,000 for two kids. She explores factors contributing to Canada’s declining fertility rate, emphasizing financial challenges like rising living costs and daycare expenses. The conversation also touches on the need for improved support for parents, including reforms in employment insurance and affordable childcare initiatives. Strategies from other countries are highlighted as potential solutions to enhance family stability.
12:09
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Quick takeaways
- The average cost to raise two children in Canada until age 17 is approximately $293,000, impacting family planning decisions significantly.
- Economic challenges like housing affordability and inflation are major factors contributing to Canada's declining fertility rate and hesitancy toward parenthood.
Deep dives
The Decline of Canada's Fertility Rate
Canada's fertility rate has dropped to its lowest recorded level, now at 1.26 children per woman, placing it among other low-fertility countries like South Korea and Japan. This decline is attributed to various factors, including economic considerations, as the cost of raising a child has significantly increased. A report indicated that the average cost of raising a child in Canada is around $300,000, with housing, transportation, and food being the top expenses. This high financial burden prompts many individuals and couples to reconsider parenthood, not because they lack the desire to have children, but due to financial insecurity.
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