Saving for education

Determining education costs

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Assess savings needs

How much will post-secondary education cost?

The average university tuition fee in Canada was more than $6,300 for the 2016–2017 school year, 2.8% higher than the 2015–16 average. According to Statistics Canada, undergraduate students in Ontario ($8,114) paid the highest average tuition fees in 2016-17, followed by undergraduates in Nova Scotia ($7,218) and Saskatchewan ($7,177). Conversely, undergraduates in Newfoundland and Labrador ($2,759) and Quebec ($2,851) continued to pay the lowest average tuition fees in Canada.
 
And those numbers don’t take into account additional costs such as housing, food, transportation, textbooks and incidental school fees. Estimates for annual student living expenses (including housing) can range anywhere from $10,000 to $17,000, with living costs generally higher in the biggest cities.

Statistics Canada, Tuition fees for degree programs, 2016/2017, September 7, 2016.

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Tallying up the costs

But keep in mind that the total you come up with is only an estimate. It should be refined, with your advisor’s assistance, as education savings needs become clearer.

Use the Tallying up the costs  worksheet to assess current expectations for post-secondary education and potential savings needs.