Here's how much it costs to raise children in Canada, according to new statistics
CTV
A new report from Statistics Canada estimates how much parents will spend on children over the course of their lifetime.
Parents know that raising children is expensive.
A new report tries to narrow down exactly how much it costs to have a family in Canada, including the extra money it takes to get by if they decide to live at home after high school.
According to recently released data from Statistics Canada, raising two kids could cost middle-income parents more than $500,000.
But this price is based on raising those kids until the age of 17. It increases by 29 per cent if children stay at home until they are 22 years old — as many do.
The report broke down the cost of caring for two children in Canada for two parents, as well as for a single parent.
The total tab includes costs like housing, transportation, food and clothing, among other expenses.
"Generating estimates of the cost of raising a child is complex, and spending on children is highly variable across different types of families," the report published Sept. 29 reads. "An additional challenge is the growing importance of the costs incurred for adult children who live with their parents."
