Key Takeaways
- The average 4-year degree with residence costs $75,387 in Canada in 2024
- Costs are projected to rise 39% over 18 years, reaching $104,898 by 2041
- Nova Scotia ($88,490) and Ontario ($86,106) are the most expensive provinces
- Some provinces are on track to cross $100,000 within the next 11 years
- Government grants like the CESG can add up to $7,200 to your RESP
- Even small, regular contributions to an RESP can grow significantly over 18 years
A four-year university degree with on-campus residence costs an average of $75,387 in Canada today. Embark has been tracking these numbers so Canadian families can plan with confidence. That number is expected to grow and reach close to $105,000 by 2041. The good news? An Embark registered education savings plan (RESP) can help families get ahead of rising costs—especially when you start early.
Why University Costs Keep Going Up
University costs in Canada have been rising for years—and they show no signs of slowing down. Tuition goes up almost every year. Universities face higher staffing and operating costs. Demand for spots keeps growing. And with recent changes to international student programs, universities may lean more on domestic tuition to fill the gap.
All of this adds up. In fact, the cost of a university education in Canada has historically grown faster than general inflation—meaning your dollar doesn’t go as far as it once did.
What Does a Degree Cost Today—and Tomorrow?
Right now, the national average for a four-year degree including residence is $75,387. But where you live makes a big difference.
| Province | Est. Cost (2024) | Est. Cost (2041 | Time to $100K |
| Nova Scotia | $88,490 | $122,968 | ~2 years |
| Ontario | $86,106 | $119,721 | ~3 years |
| New Brunswick | $83,000 | $115,000 | ~5 years |
| Saskatchewan | $80,000 | $111,200 | ~7 years |
| Alberta | $78,000 | $108,420 | ~9 years |
| Prince Edward Island | $76,000 | $105,640 | ~10 years |
| British Columbia | $68,495 | $95,208 | ~14 years |
| Manitoba | $67,934 | $94,428 | ~15 years |
| Newfoundland | $54,366 | $75,569 | N/A (within 18 yrs) |
| National Average | $75,387 | $104,898 | ~11 years |
Students in Nova Scotia, Ontario, New Brunswick, and Saskatchewan are expected to pay over $100,000 for a four-year degree within the next decade or so. By 2041, even the national average is projected to cross that mark.
What’s Actually Included in That Number?
Tuition is just one piece of the puzzle. Here’s a rough breakdown of what students typically spend per year:
- Tuition: $7,000–$9,500/year
- Residence or housing: $8,000–$12,000/year
- Meal plan: $3,000–$4,500/year
- Books and supplies: $1,200–$1,800/year
- Transportation: $800–$1,500/year
- Personal expenses: $2,000–$3,000/year
Costs vary a lot by city. A student in Toronto might spend $90,000–$110,000 over four years. A Quebec resident studying in Montreal, where tuition is subsidized, might spend just $60,000–$75,000.
In a survey, 31% of Canadian parents said they didn’t know enough to guess what a degree costs today. Of those who did guess, many were off by more than $10,000.
How an RESP Can Help
One of the most effective ways to save for your child’s education is with a registered education savings plan (RESP). RESPs are tax-sheltered accounts, meaning your money grows without being taxed until it’s withdrawn for school.
What really makes them stand out are the government grants that come with them. An Embark Education Savings Specialist can help explain in further detail.
Canada Education Savings Grant (CESG)
The government matches 20% of the first $2,500 you contribute to an RESP each year—up to $500 annually and $7,200 over the life of the plan. That’s a meaningful boost from the government—just for saving. Keep in mind: the CESG is returned to the government if your child does not pursue post-secondary education.
Canada Learning Bond (CLB)
Lower-income families may also qualify for the Canada Learning Bond (CLB). The CLB provides up to $2,000 per child—$500 in the first eligible year, plus $100 for each additional year until age 15. No contributions are required to receive it. Applications can be made retroactively, but your child must be under 21 at the time of application. Eligibility is based on adjusted family net income, as defined by the Government of Canada.
What Saving Could Look Like
Even small, steady contributions can grow a lot over time. Here’s a snapshot:
| Monthly Contribution (per parent) | Starting Point | Estimated Value at Age 18 |
| $50/month | At birth | ~$37,000 |
| $100/month | At birth | ~$65,000 |
Projections include government grants and assume a 4% annual rate of return. These are estimates only—investment returns cannot be guaranteed.
These numbers show how compound growth and consistent saving can really add up. And they help explain why 68% of students say they wish they had saved more before starting school.
Tips for Saving Smarter
Start as early as you can
The longer your money is in an RESP, the more time it has to grow. Even a few years’ head start can make a meaningful difference.
Use gifts and windfalls
Birthday money, holiday gifts, and tax refunds can all go into your child’s RESP. Every eligible contribution can attract the CESG—so more in means more government grant money too.
Review your plan every year
Check your contributions, your investment mix, and your grant eligibility annually. As your child gets older, consider shifting to a more conservative portfolio. Embark’s plans are designed to do this automatically as your child approaches school age.
Talk about it early
73% of students wish they had more guidance when planning for school. Help your child explore their options—whether that’s university, college, or a trade program—and understand what it will cost.
Remember: other resources exist
Student loans and scholarships are also available. An RESP doesn’t have to cover every dollar—but the more you save, the less your child will need to borrow.
The Bottom Line
University costs in Canada are going up, and a six-figure education bill is no longer far off for many families. But with the right plan—and the help of government grants—saving for your child’s future is more manageable than it might seem.
Whether your child is a newborn or heading into high school, it’s never too early—or too late—to start saving. Embark offers RESPs built specifically for Canadian families, with tools and guidance to help you make the most of every dollar and every government grant available. Visit embark.ca to open an RESP and get started today.
Footnotes & Disclosures
1 Forecasted figures are estimates based on data from Employment and Social Development Canada’s (ESDC) Canadian Post-Secondary Institution Collection (CPIC) database. Figures are subject to change.
2 Savings projections are for illustrative purposes only. Actual investment returns and future RESP values cannot be predicted or guaranteed.
Embark is Canada’s education savings and planning company. The organization aims to help families and students along their post-secondary journeys, giving them innovative tools and advice to take hold of their bright futures and succeed.
