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When your kids are young, it seems like post-secondary education is in the far-away future. But college and university are more important than ever, if we want our children to be successful.
And yet the cost of a post-secondary education keeps growing. In 2013/2014, the average annual undergraduate university tuition in Canada for a full-time student was $5,772, compared to $4,025 in 2003/2004. Tuition and related fees are not the whole story. They represent only about one-third of the expenses that students face each year. Add in accommodation, food, transportation, books, computers, leisure, and the cost of a four-year postsecondary education could add up to roughly $80,000.
But there is way to meet these rising costs. By setting aside education funds for your children now, you can help them earn a university or college degree and avoid the crippling debt many students are incurring.
*Source, Mackenzie Financial