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21 August 2015

University Education For Your Children in Toronto, Canada

Yup, children have free education here in Canada.  But, not all of it are FREE, it's only for the Primary School and Secondary students (4-18 years old).

This is a system that was provided by the government, which they gave ample time for parents to save money for the University education of their children.

The next question is, how much do we need to save and when do we start?

In this post, I'll give you an idea about 
* What you need to know about University tuition?
* How much to save for our children's University education?

How Much are the Tuition Fees for Universities Degrees (2013)
I have done some research about the average tuition fees in Canada and here's the data that I've found from the Statistics Canada as of the year 2013.



The data was taken from the school year 2011 to 2013.  It shows the percent change of tuition fees between the school year 2011/2012 and 2012/2013.

As you can see, at the table for Undergraduates, Dentistry (C$16,910 with a rate increase of 5.4%) has the most expensive tuition, while Education has the cheapest (C$4,006 with a rate increase of 5.3%).

With this yearly increase of tuition, with a maximum of 6.8% annually,  we can predict how much would it cost for the tuition fees after 5 or 10 years.

How Much Should I Save?
I always ask my son on what course should he take when he'll be in college. He's still 10 years old now, but he is very serious on getting an Engineering degree.  Well, what I can do is to support him the best that I can.

So, I computed the cost of an Engineering degree 8 years from now, when he turns 18,  with a rate of 6.8% or let's say the worst and the easiest to compute is 10%.
Engineering Tuition 2013 - C$6,552 per year
Rate Increase - 10% per year
Tuition on the year 2023 (my son turns 18) - C$16,994 per year
We also need to consider the miscellaneous fees like books, dorm, etc...

I asked a mother with a son in college.  She explained that the miscellaneous fees would cost her another C$3,000.  There are books that cost about C$800 each.

So, in order for my son to be in the University on 2023, we need an estimate of C$19,994 on the first year.  That would be about C$80, 000++ for the whole Engineering degree.

Are you interested more about Education for your kids in Ontario, Canada?  Email me at (benalagnam@yahoo.com) to get more information about education loans and education savings plans with the help from the government.  There are ways on how to save now and give yourself and your child a worry-free education.

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Ben Alagnam - MeMovingToCanada