The Big Story
Encore: It costs HOW MUCH to raise a kid in Canada?!?
Dec 27, 2024
Chantal Braganza, a Toronto-based writer and editor, dives into the eye-opening costs of raising children in Canada, revealing it can top $293,000 for two kids until age 17. She discusses the financial strain families are facing in the post-pandemic world, including the impacts of inflation and housing costs. The conversation also touches on the challenges of implementing affordable daycare and the implications of Canada’s declining fertility rate, emphasizing the need for supportive policies for prospective parents.
12:06
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Quick takeaways
- The financial burden of raising children in Canada, averaging $293,000 for two kids, significantly impacts family planning decisions in the context of economic pressures.
- Challenges in parental leave policies for self-employed individuals highlight a need for reformed structures that support diverse employment situations, particularly in childcare accessibility.
Deep dives
Declining Fertility Rates in Canada
Canada's fertility rate has dropped to 1.26, marking its lowest ever and positioning the country among the lowest fertility nations globally, alongside South Korea and Japan. Over the past 15 years, multiple factors have contributed to this decline, with economic pressures being a significant concern for potential parents. The discussion emphasizes that while societal changes, such as greater gender equality and enhanced reproductive freedoms, are viewed positively, the inability to afford raising children poses a unique challenge. This raises questions about the implications of declining birth rates on societal structure and future workforce viability.
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