Daniela Minicucci, Global News
TORONTO – The average cost of raising a child born in 2010 is US$226,920, according to data released Friday by the U.S. Department of Agriculture.
In Canada, the figure is slightly lower, according to Tom Drake, an Edmonton-based financial analyst and the owner and head writer for Canadian Finance blog.
According to data by Manitoba Agriculture, Drake estimates the average expenses related to raising a child to 19-years-old is CAD$191,665….
According to Drake’s calculations, the bottom line of an average Canadian family will be greatest hit by child care costs associated with raising a child in the first 12 years.
Accommodation costs like furnishings and other household operations is the next greatest expense, followed by food expenses.
“Interestingly, the data I’ve looked at shows boys eating more groceries, but only $500 total throughout their childhood,” Drake says about the cost difference between raising boys and girls….
“There are many expenses that can be reduced when you have more than one child, especially if they’re the same sex. Everything from furniture to clothing can be handed down,” Drake says….
To see the chart of estimated costs involved with raising a child in Canada. [The figures were compiled from Manitoba Agriculture data and adjusted to reflect inflation in 2011.]
More related info at: