Reduced Daycare Fees in Ontario: What This Can Mean For YOUR Family

Published September 29, 2023

Ontario announced reduced daycare fees in Ontario. This is great news for any family with a young child!

In this article, we'll go over the new government program helping reduce daycare fees in Ontario, and what that can mean for your finances if you have a young child.

The Cost of Daycare

The average Canadian family spends about $10,000 per year on a single child’s daycare (and this number goes up significantly in urban areas). It is by far one of the largest expenses for families with young children.

The added cost of daycare has been a deterrent for many young couples in Canada from starting their own families. If both parents work full time, there are very few options left other than shouldering the high cost of childcare.

 

Ontario’s Daycare Fee Reduction Program

To address the issue of rising daycare costs, the Ontario government issued a program to progressively reduce daycare costs. Their goal is to reach an average of $10 per day by September 2025.

By comparison, if you were to send your child to daycare for every business day, for a full year, it would add up to $2,500. While that’s still a lot, it’s a quarter of the 2022 yearly daycare expenditure.

On top of this, the government is investing in increasing the availability of daycare to all Ontario families. Childcare spaces are currently limited, and families often have to be put on waitlists in hopes of sending their child to daycare. The Ontario government aims to add 50,000 spaces to the current daycare infrastructure.

 

What This Means for YOUR Family

If you’re the parent of a young child and are concerned about daycare costs, then you’re in luck! These programs were designed to take that weight off your shoulders. Within the next few years, daycare costs in Ontario should be cut dramatically, together with more spaces for children.

This is great news for your child, because it means you’ll almost certainly be able to send them to daycare. You won’t need to compromise your own career goals to make sure your child is properly taken care of.

On top of all this, you’ll be saving thousands of dollars per year.

 

 

Taking Advantage of Your New Savings

One of the main goals of the  reduced daycare fees in Ontario program is to “put money back into parents’ pockets”, as Minister of Education Stephen Lecce puts it.

Now that you’ll have an extra few thousands of dollars to spare for your family, what’s the best use you can make out of it? The best thing you can do is invest your money so your child has a safe future ahead of them.

 

Conclusion: Consider Investing in a Term Life Insurance Policy

As a young parent, there’s no better way to protect your family’s future than by investing in a life insurance policy.

A term life policy lasts for a determined period, and if something were to happen to you during that time, your family will receive your life insurance payout. It’s the perfect way to make sure that your child will be financially protected until they become financially independent adults.

The best part about life insurance is that the younger you are, the cheaper it is. With the thousands of dollars the Ontario government is giving you back, you’ll probably be saving enough money to pay for a term life policy, and still have plenty left to invest elsewhere!

With these new policies, there’s never been a better time for  Ontario families to invest in  life insurance. From daycare to adulthood, you can guarantee that your child will be taken care of!

 

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