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Question # 8748 :
Can you tell me how to calculate the cost of university in ten years?

Answer:

( Last Updated: December 23, 2004 )
According to the Bank of Montreal Tuition Savings Worksheet, the cost of a 4-year education 10 years from now (2014) will be $73,471. The cost cost includes tuition, books, student fees, and room and board. The Tuition Savings Worksheet is available on Bank of Montreal's website. Not only can you use the worksheet to figure out how much your child's post-secondary education will cost, it can also help you figure out how much you will need to save each month in order to meet those costs. The worksheet is very simple to use, if you have difficulty with it, feel free to ask another question or consult a financial advisor at your bank, they can also assist you.

There is a Registered Education Savings Plan (RESP) in Canada which you can invest in and can help you save for your child's education. You can contribute up to $4,000 per year per child. Then the Canadian government adds 20% of any contributions you make, up to $400 per year per child, through the Canada Education Savings Grant (CESG). To learn more about how the RESP works, please see: Canlearn - RESP, and talk to a financial advisor at your bank.

I hope this answers your question.

The Online Counsellor