costs of education:
If your child was born in 2007, he or she will be going to a post secondary school in 17 years, the year 2025. (It may be hard to imagine that now, when they're barely walking and talking!!)
The estimated tuition cost if a child lives at home will be $72,000, and if they are living away from home it is estimated to be $122,000! Seems a bit overwhelming, doesn't it? Especially if you have more than one child.
You estimate the cost of education. Just click on this link: education cost calculator and type in the specifics for your child.
The good news is, if you start saving in an RESP when your children are small, you could have it paid for by the time they turn 18!
Here's an example: if you begin saving just $100 a month in an RESP when your child is born, we estimate your total investment including interest, Government grant and interest on the grant could be worth $52,000 by age 18.
However, for every year you delay getting started, you could miss out on about $5,000.00 toward their education! (based on the $100/month example).