The Big Story It costs HOW MUCH to raise a kid in Canada?!?
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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.
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Declining Fertility Rate in Canada
- Canada's fertility rate is the second lowest in the G7, declining for over 15 years.
- This low rate puts Canada alongside South Korea, Italy, and Japan, raising concerns about economic and social impacts.
Cost of Raising a Child in Canada
- Raising two children until age 17 costs a middle-income Canadian family nearly $300,000 per child, according to Statistics Canada.
- This data, collected from 2014-2017, sparked widespread discussion due to its sobering implications.
Major Expenses in Child Rearing
- The top three expenditures for raising children are housing, transportation, and food, which are general living costs.
- Having a family increases these expenses significantly, highlighting the broader cost of living challenges.