It is estimated that the full cost of a 4-year undergraduate degree from a Canadian university in 2033 could cost over $122,0002.
| Year of Birth | Year of Entrance | Estimated Cost of Total Tuition for a 4-Year Program* (At Home) School | Estimated Cost of Total Tuition and Accommodation for a 4-Year Program* (Away from Home) |
| 2015 | 2033 | $60,591 | $122,748 |
| 2014 | 2032 | $58,048 | $118,943 |
| 2013 | 2031 | $55,610 | $115,271 |
| 2012 | 2030 | $53,275 | $111,726 |
| 2011 | 2029 | $51,038 | $108,303 |
| 2010 | 2028 | $48,895 | $104,999 |
| 2009 | 2027 | $46,842 | $101,808 |
| 2008 | 2026 | $44,875 | $98,726 |
| 2007 | 2025 | $42,991 | $95,750 |
| 2006 | 2024 | $41,186 | $92,875 |
| 2005 | 2023 | $39,456 | $90,097 |
| 2004 | 2022 | $37,800 | $87,413 |
| 2003 | 2021 | $36,212 | $84,820 |
| 2002 | 2020 | $34,692 | $82,314 |
| 2001 | 2019 | $33,235 | $79,891 |
| 2000 | 2018 | $31,840 | $77,550 |
| Today's average cost of a 4-Year program beginning in 2014/20151 | $26,819 | $68,933 | |
1 These amounts are calculated using the average annual increase of 4.38% in the total cost of tuition and compulsory and/or incidental fees for 4 years of undergraduate studies between and . Source: Canadian Centre for Policy Alternatives, Statistics Canada, September 2013.
2 The total cost of living expenses and accommodation for the 2013/2014 academic year was approximately $10,000. The average annual increase has been calculated using the average rate of inflation for Canada over the last 25 years of 2.07% and the total of 4 years of living expenses and accommodation has been added to the total cost of 4 years of undergraduate studies. Sources: The Globe and Mail, May 2014; www.inflation.eu.
What are your options:
· Borrow the money
· Withdraw funds from your personal savings,retirement funds or investments
· Mortgage your home
· Pay-as-you-go
· Let your child earn the money or depend on student loans
Students with an RESP are more focused on their education, not the cost of it!
Talk to us about your RESP
Your Heritage Representative can advise you on a realistic contribution schedule to achieve your child's education goals. Talk to us about your family's education plans.
Heritage Plans are scholarship plans issued under the sponsorship of the Heritage Educational Foundation. Units of the Heritage Plans are offered by prospectus only, a copy of which can be obtained from the registered dealer, Heritage Education Funds Inc. at HeritageRESP.com. These securities may not be appropriate for all investors and are subject to certain risk factors. See the prospectus for details.