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Report fuels debate over cost of raising children "‘lhese cost estimates haw a distinct middle-class bias and send a clear message to low~income families that they really cannot afford children. Yet there are mil- lions of Canadian parents. includ- ing countless immigrants. who. over the past several decades. have successfully raised happy. healthy and well~e¢icated children on a fraction of the cost.” he said. Mr. Sub measured the costs of raising a child at a socially accept- able standard of living using a budget-hand approach. Citing information from gowmment and social agency sources. including Health Nutritious Food Basket. he found a starting point for the cost of raising children in Canada today is about $31!!) to $4.500 per year. depending on the ageofthechild. Parentsmayspend more than that depending on their income. parenting level of economic security. marital status and other financial obligation While pan'nls wnninly could spend 310.000 and mum on their (‘hildrcm these estimates simply (in nut R'flt‘l'l what parents. espe- cially lower inmmv part-nus. nerd to spend mwani the healgby dewl~ upmrul of (ht-i: \hildu‘n. MI. $41k) sand. Raising a child is exg‘mmivg. It's a fact magnified as many patents prepare to outfit their offspring for the new school year. be it damn tary. high school or post-second» Children are pricelesx Yet each has a price tag. The debate over just how much it cmls to finance a child was fueled by Fraser Institute senior fellow and Nipissing Uniwrsily unnum- ics. pmfessur Christopher Satin. when he published a new study on the subject last week i Rwicwing ucomnnic and aca- demic estimates. he concluded thew gauges used faulty method: and questionable assumptions to arrive at an average 005! in excess 0f $10,000 per child. per year. Admittedly. Mr. Sarlo's study excludes mmwrriwlar and day- cam expenses. ll doesn't build in lhv price 0! expcn siw extravaganc- vs such as electronic; cellphones. allowances. cat insurance and vacation trips. As soch. pan'nts. academics and financial pmfewonals balk at the study's notion you can raise a child an a monthly budget between $250 and $375. The smdy's caflimatcs evoked a surprised double-take from Wayne langdun. a married Aurum father ofthreesomaged l9. Hand 13. “Sum.” he said of the study's cost plojxuons "You could feed this than: snmll nwals a day and BY CHRIS TRADE. 'u hiberww mg (on! “If you want well munded citi- zensdyou have to invest in your children.” the volunteer baseball andhockcy coach said. < ‘ “It comes to the quality of life you wam to give your chil- dren." the father of four “The studv's SEMI!) to $4.500 isn't far of? if you feed your kids peanut butter VIDdW'iCheS and Kraft dinner. \W (an all live on loxs. no doubt. but the Fraser report is a lmttonrline. grbund-a'ro study.” not allow them to do anything aftet school. My sons an: all heavily active in spans. so that skews my perception of what it costs to raise Albanese agmcd. In teal wurid terms. the study is flawed. Mr. Langdon said. describ- ing the Fraser mpon as being bare Seneca Gilt-gs accouming and financial services professor 5am From a parental and profos~ sional perspectiw. Dam'd Nnmnha Ls in tune with the cost 0! reusing kids. The 800 (kmada Limited New- market branch vice-president and trustee has a son in college and a daughter in Grade 12. He'x also a longtime professional with the national accounting firm offering pvmmal and mmmvrrial insul- wm‘y scrw‘cos. Father of three Wayne langdon called a Fraser Institute report flawed and bare bones While most smdies sum-y the new burn to 18 culmn when usuâ€" mating the finantial tally of raising children. be is seeing more parents getting stretched or going into debt to bankroll their children’s post- education. Most of the fiscally troubled am parents who didn't plan ahead. most notably with a federal govem- ment tax-sheltered registered edu- cation savings plan that matches up in 20 prr cent of your contribu' tion to a maximum of $50,000 per lwneficiary. ‘ As parents. pmfessors and pm~ fogsionals the thme men all con- cur any calculation on the cost of raising children must include p051 wcundary education and early planning to ensure the money will be available. More parents am deferring their retirement by undenmnng their lids‘ college or uniwrsity studies. icy am forced to dip into line of credits or the equity in their hnmos. Mr. Numnha Mr. langdnn. a Newmarkct- based Spectan wumlimuxl Sup- plies din-um. established an D Go to Mflegionmm to: the M story. ’Howmaoyouthinkhoststo rmadwmmopfionto a’ pmpdnent of teach“ children financial literacy and having sum- mer and pan-time jobs His boys contribute 25 per cent of their earnings to their RBSPS He estimates his oldest son's four-year Ryelson University civil engineering education tuition. residency and books will top $80111). “The sooner you start an RESP. the moxe you accumulate,” said Mr. Albanese. co-author of newly published. Right Answers. about making good financial decisions in retirement. Based on $6.000 per year for a post secondary certificate and up to 510.0(1) annually for a degree. pluscoststoage 18.d)el"‘msctfind- ings don‘t reflect reality. he said Mt. Numtma believes the Fraser study omits parental expenses relat- ed to summer camps. mp sports and other pains and incideth ‘Mosx parems with the when- withal will give in to their kids.“ he “Don‘t {Olga the costs of a child turning 16. ‘Ihat's the worst pan when they begin driving and need insurance.” Mr. Albanese remains philo- RESP for each of'hip sons. He's afio “Your first child is usuafly the most expensive." he said. "There am incremental savings as you haw more because of the hand- me-downs. Still. it's not Chen; gul [mu kids and I in STAFF mm KOCKEHCHEIDY >. I've 0 If both parents work full-time, memos: ofdaycan-will most likely be mum expense in raising a child.wilhmstsmxginganywlm from S70010$lepernmnmper clfld.dependingonyourcity.ltcan paytodoymureseamh andgeton waitirglistsasearlyaspossible 0 Make your kids money savvy andteachthcmdwvalucoladol- la: lhmpgh financial literacy. other miscellaneous items. - Mandatory apenses such as a brand new crin car seat, stroller. high chair and baby gates can cost you big buds. Stan your search for these items by askim friends. family. wworkers or neighbours who have lecenfly had children. Tile-y might be wining to sell. lend orevengiveyoutlwitemsdml you seek. Make sure tocheck out eBay. (Iraigulist. Kijiii and neighbour- hood yard sales for deep discounts on these expensive items p It'ucost $48,760justtopmfood'n theinmthsanddoflmgonmeubacb. inwcostofflmetmfmmmMmm- inghmishmgsandhouseholdopermx mtoSZJZOpevywAddupm atpensesumiagelsanditwfllendup cost'mgyou 551.68010 pmaroofovev .mdfld’shead. b mmyweamjhemreyou’fl hvishonyomkidjfanayeammgan averagedSBBflOOwfiHpend$169M mMchfidFandm" Minna-Sm “1653.000 ranqu spend $234,000 andhigh earnerswn’tmncomnmthan smooo Nil Shel out S3891“). wma'mSt-meca. US Dept. of mmzm I W Survey «Scum MoneySenwra. US Dept. of Labor Consumer 2011 Expeme » mmnecostdnismgamadm d‘ildtoagewisameman $243,000. Dothemhanddut‘ssnjkpudfld. petyw 0! $1,125pevmonth.Aftetthat, youcanlookforwudtofoomqummsity dom 55. You’ll be free when your kids turn 55.” 0 Invest early in a RESPand in $.anmumperwanax-fiee savingsacoountx . °Cutoosts by breast feedingif ycmcaninsteadofhuyingbnnula. usingdothdiapersandlooldngtb: Howtosmonlddcosts THE COST 0F RAISING KIDS T0 AGEIB 18. toys 5nd