According to a Maclean’s magazine article, the cost for post-secondary students is steep! Those living at home spend $9,300 per year on average. For those who move away, it’s closer to $20,000.
So, how do you help your kids (or yourself) budget for this costly time in their life?
The Financial Consumer Agency of Canada has some great advice and info on tax deductions and costs to keep in mind. You can find the full article here and a consolidated list below.
I also weighed in recently with Greg Bonnell from BNN Bloomberg news and you can watch the video here.
- Costs to include in your budget
- Remember tuition & student fees, heath insurance, books and course materials, transportation and of course, some fun!
- Sources of income
- Explore all scholarships, grants, government loans and a line of credit from your financial institution.
- Student credit cards
- Shop around for a card that suits your needs and careful examine the interest rate if you don’t pay it off each month as well as the annual fee. The FCAC has a fantastic calculator to help you compare cards. Check it out here.
- Tax deductions and tax credits for students
- A non-refundable tax credit reduces the amount of tax you owe. You may be eligible for non-refundable tax credits for costs that include: tuition fees, books, public transit and interest paid on your student loans.