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According to Statcan, the weighted average tuition fee for university education in Canada was approximately $6200 for the 2015-16 academic year. Ontario students paid the highest tuition fees with a weighted average of almost $7,900. Students who undertake special studies can expect to pay even more. Dentistry led the way with an average annual tuition of almost $19,000.
The cost of university textbooks and supplies varies widely as well. We suggest that your budget should range between $1000 and $1500 per year for long term planning purposes.
Perhaps the most difficult expense to estimate is living expenses. Some students will live at home and have all living expenses covered by their parents. Others will live away from home and incur the costs of food and accommodation.
When you total all the expenses, the cost of 4 year post-secondary education can easily reach $75,000. Inflation could cause that figure to rise to over $110,000 in 15 years. One way parents can help fund their children’s education is by taking advantage of Registered Educational Savings Plans or RESPs.
Use our calculator below to see how much you can accumulate in an RESP account for your child or grandchild.