How to Offset the Cost of Raising a Child

mom with child
| 4 min read Financial Assistance

Raising a child in Canada is expensive. When you add up the cost of pregnancy, birth, preschool, healthcare, housing, food, education, and other expenses, the total can exceed $200,000. According to MoneyWise, raising a child born into adulthood will cost an average of $10,000 – $15,000 a year. A Money Magazine report shows that raising a child adds up to $14,970 to the annual expenses of a middle-income family. Whether families are looking to cover the basic costs of raising a child or giving their children access to opportunities, many have discovered that crowdfunding can be a lifesaver.

Housing costs for children


Quality housing is vital to a child’s well-being, but the price of housing—especially urban housing—has dramatically increased, with home prices rising faster than wages for the last 30 years.

  • Canada’s house price to income ratio is the highest in the world – by a large margin.
  • Over the past 3 years, Canadians have seen prices soar over 20% faster than incomes have been able to grow.
  • Even in 2020, Canadian housing prices anticipated to increase by 4.6 per cent in the third and fourth quarter according to RE/MAX brokers and agents.

Healthcare costs for children

The healthcare costs associated with raising a child in the US start with pregnancy and childbirth, each of which can easily cost families tens of thousands of dollars depending on complications and insurance policies. Once a child is born, the cost of ensuring that child can easily exceed hundreds of dollars per month. If a child should need care for acute or chronic conditions, costs are much higher. Added to these expenses are dental care, orthodontia, and other medical costs not covered by insurance. Perhaps it’s no surprise that the US birthrate has fallen to a record low.

  • The United Census Bureau provides the startling fact that in the last quarter century, the cost of childcare has doubled.
  • A CNN article reported that the out-of-pocket expenses for health care are rising, especially for those under 18.
  • The Centers for Medicare and Medicaid Services forecasts overall health spending increases of more than 6% a year between 2015 and 2022.

Education costs for children

Obviously, private schools in Canada are far more expensive than public schools. Even though public schools don’t charge tuition, that doesn’t mean public education won’t put a dent in your finances—your expenses may include supplies, uniforms, exam fees, field trips, therapists, tutors and special education services, and more.

  • Private school tuition in Canada can cost upwards of $26,000 per year, according to InterNations.
  • The Wall Street Journal reports that parents spend an average of $669 per year per child on clothing, electronics, and school supplies.
  • The average Canadian citizen studying in Canada pays on average $6,500 at undergraduate level.

Miscellaneous expenses for children

Miscellaneous expenses include clothing, transportation, personal care products, electronics, preschool, daycare, after-school and summer childcare, summer camps, extracurricular activities, and more. These expenses often increase as the child gets older.

  • The University of Montreal estimates that students will need a total of $15,050 per year to cover housing, books and course supplies, phone bills and other expenses.
  • Time article estimates that a child can add up to $14,970 to annual expenses for middle-income families before taxes. Infant, toddler, and preschool-age child care in Toronto is the most expensive, with a monthly median cost of $1,774, $1,457, and $1,207 CAD, respectively. 
  • Monthly costs for child care range from $179 to $1,934 CAD, depending on the province.

Offset the cost of raising a child with crowdfunding

Crowdfunding makes it easier than ever for families to reach out for help. People rely on GoFundMe’s free crowdfunding platform to raise funds for kids and families every day. Your family’s fundraising page becomes a space where friends and family provide both financial and emotional support. If you haven’t already, start your fundraiser on GoFundMe today.

Start a fundraiser