Nutrition
You Asked
Pregnancy Tracker
Baby Photo Contest
Name Your Baby
Calendar of Events
Mommy Blogger
Children's Product Safety News
Elementary and Secondary Education
About five million children now attend public schools in Canada. In some provinces, children can enter kindergarten at the age of four before starting the elementary grades at age six. The elementary curriculum emphasizes the basic subjects of language, math, social studies, introductory arts and science.
In general, high school programs consist of two streams. The first prepares students for university, the second for post-secondary education at a community college or institute of technology, or for the workplace. There are also special programs for students unable to complete the conventional courses of study.
In most provinces, individual schools now set, conduct and mark their own examinations. In some provinces, however, students must pass a graduation examination in certain key subjects in order to proceed to the post-secondary level. University entrance thus depends on course selection and marks in high school; requirements vary from province to province.
Source: International Trade Canada (2005)
Other Schools
For parents seeking alternatives to the public system, there are separate as well as private schools. Some provinces have legislation that permits the establishment of separate schools by religious groups. Mostly Roman Catholic, separate schools, which in 1995 accounted for about one-fourth of Canada's public school enrolment, offer a complete parochial curriculum from kindergarten through the secondary level in some provinces.
Private or independent schools have a current enrolment of over a quarter of a million students, and offer a great variety of curriculum options based on religion, language or academic status.
Source: International Trade Canada (2005)
Post-Secondary Education
Today in Canada, some 200 technical institutes and community colleges complement about 100 universities, attracting a total post-secondary enrolment of approximately one million students.
Canada's universities are internationally known for the quality of their teaching and research. Examples include the neurological breakthroughs of Wilder Penfield at McGill University and the discovery of insulin at the University of Toronto by Frederick Banting, C.H. Best, J.J.R. Macleod, and J.B. Collip. Full-time enrolment in Canadian universities stands at over half a million, with enrolments at individual institutions ranging from less than a 1,000 to over 35,000. Women are well represented in the universities; they receive more than half of all degrees conferred.
Source: International Trade Canada (2005)
How Important is it?
“Over their lifetime, university graduates earn $1 million more on average than those without a post-secondary education.”
Source: The Association of Universities and Colleges of Canada (2005)
In 1999, 167,000 jobs in Canada disappeared for people with no more than a high school education
- In 1999, 431,000 jobs were created for workers with post-secondary education
Source: Statistics Canada
How Much Will it Cost?
Student fees, owing to substantial government subsidies, account for only about 11 percent of the cost of Canadian post-secondary education.
Source: International Trade Canada (2005)
It is estimated that the full cost of a 4-year undergraduate degree from a Canadian university in 2027 could cost over $129,000 for students living away from home and over $81,000 for students who are able to live at home while they attend university.
Use the Heritage Education Funds cost calculator to estimate the future cost of your child’s post-secondary education.
How will you pay for your Child’s Post-Secondary Education
As a parent, you have several options available to help you pay for your child’s post-secondary education.
Parents Borrow the Money:
You could borrow the money by taking out loans against your assets (such as your house), using your line of credit or even through cash advances on your credit cards. Borrowing in general will mean that you not only have to repay this money but you will also pay interest on the money borrowed as soon as you borrow it. Depend on the source of borrowed funds, the interest charges may be very high.
Student Loans:
- Established by the Federal Government.
- Loan repayments begin 6 months after graduation, and can continue for as long as 10 years.
- Interest rates vary.
- For more information visit www.canlearn.ca.
Registered Education Savings Plans (RESPs):
- A savings vehicle established by the Federal Government to make it easier to save for a child’s post-secondary education ahead of time.
- Canada Revenue Agency (CRA) allows you to save as much as you like each year in this tax-sheltered savings account, up to a $50,000 lifetime maximum per eligible child. The investment income is taxed in the hands of the student once they start withdrawing money to pay for school expenses, which usually means they pay little to no tax as they are usually in a low tax bracket.
- Eligible for various Government Grants such as the Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB). Alberta and Quebec also have their own grant programs. For example, the CESG will match 20% of your contributions up to $2,500 – that’s $500 of free money each year that contribute the grant-eligible maximum. The CESG and CLB also offer the potential for additional payments, depending on your income level.
- Finding a way to save a little each month from the time your child is very young is the easiest way to pay for their post-secondary education. By taking this approach, you let the government help you with free savings grants AND you benefit from the power of compound investment growth over time.
Provided courtesy of Heritage Education Funds. Find out how you can take advantage of free money from government grants* to help you save for your child’s post-secondary education by visiting www.HeritageRESP.com
*Certain conditions apply. Heritage Education Funds RESPs are offered by prospectus only. Heritage Education Funds is the trade name of Heritage Education Funds Inc.
<- Back
