THE BENEFITS & COST OF OWNING A PET
Owning a pet may take a big bite out of your nest egg, so it’s important to budget accordingly.
A 40-pound dog can cost $2,019 per year to feed and maintain and would live about 14 years. Using 2013 prices, the dog would cost $28,266 over its lifetime.
Not a dog lover? A 10-pound cat can cost $1,485 per year for upkeep. They can live for about 14 years for a total of $20,790 over their lifetime with 2013 prices.
Annual cost of a 40 pound adult dog in 2013
Annual physical and vaccines* | $270
Preventative healthcare (heartworm/flea prevention and professional dental care) | $566
Food | $619
Pet insurance | $539
Annual municipal pet licence | $25
Total cost | $2,019
Annual cost of a 10-pound adult cat in 2013
Annual physical and vaccines* | . $270
Preventative healthcare (flea prevention and professional dental care) | $507
Litter | $101
Food | $289
Pet insurance | $303
Annual municipal pet licence | $15
Total cost | $1,485
*Vaccine timelines can vary, and some vaccines may not be required on an annual basis. Speak with your veterinarian about what vaccinations are appropriate for your dog or cat.
Source: Ontario Veterinary Medical Association in partnership with the Canadian Veterinary Medical Association.
Owning a pet may not be cheap, but their unconditional love, funny antics and their company
may be worth it.
The information provided is based on current tax legislation and interpretations for Canadian residents and is accurate to the best of our knowledge as of the date of publication. Future changes to tax legislation and interpretations may affect this information. This information is general in nature, and is not intended to be legal or tax advice. For specific situations, you should consult the appropriate legal, accounting or tax advisor.