$282,000 is what a child costs in Quebec
Parenthood is priceless for couples wishing to have a child. But, in fact, raising a child in Quebec represents a significant investment. With inflation affecting all classes of society, the amount needed to bring a child to adulthood is now close to $282,000.
These figures are from Canadian economist Christopher Liew. He found that in just five years, the average cost of raising a child in Canada has gone from $253 946 to $281 880 today. You read that right, you have to spend over a quarter of a million dollars to bring Junior to adulthood.
The argument is enough to discourage the undecided. In fact, it takes $1305 to raise one child per month. This remains a considerable sum.
In order to be able to achieve this, future parents have an interest in budgeting for the arrival of the new heir.
First, you need to know the total monthly income of your household, and the monthly expenses attached to it. Thus, if you free up $1305 per month, you will probably be able to provide for the needs of your future child.
On the other hand, if your budget is tight, know that these figures are a Canadian average and that some couples are able to manage to raise a child below these statistics.
Also, if your income is lower, government programs are there to help you make ends meet. We have listed a few for you.
- Tax credits for low-income persons
- Financial support adapted to the reality of families
- Overview of Child and Family Benefits
And since money isn't everything in life, and happiness isn't calculated with dollar signs, these statistics don't shouldn't be the only ones to consider when wanting a child.
