As the cost of raising children climbs, some argue parents need more help to cope, or it may be the Canadian economy that pays the price.

Currently the cost of raising a child to the age of 18 is $167,000. That includes food, clothing, health care, transportation, shelter, furnishings and recreation, but not post-secondary education.

As the cost has climbed, the number of babies born in Canada has dropped. The current birth rate is 1.5 children per woman. That's 40 per cent below the 2.1 needed to replace the population.

Demographers argue that immigration won't completely make up the difference, because according to a Senate committee report, Canada is becoming a less attractive destination for immigrants.

Combined with the number of aging Baby Boomers, that's a worrying trend for the Canadian economy.

According to Cynthia Comacchio, an author and historian at Wilfrid Laurier University, "We are saying we want young Canadians to have more children, but it's on their dime."

She says society has to provide realistic support for mothers whether they go to work or stay home.

"It's been shown that just handing out, you know $500 baby bonus, have a child, that's not going to do it…no intelligent person is going to have more children for $500. You know we need supports."

Stay at home mother Jennifer Timm would like to see options like income splitting, so her husband's tax rate would be reduced, which would help the family financially.

She also says young couples planning for a family need to be realistic about what kind of housing, one of life's biggest expenses, they can afford.

"We have a modest house. I think a lot of people have a lot of mortgage that they carry. I know that banks allow people way more credit on their houses than they really can afford," Timm says.

Sarah and Cliff Hammel are expecting their second child. They say financial planning is a critical part of family planning.

"We have a good accountant that helped give us some financial guidance," Sarah says. "What to prepare for when you have a young child. Just make sure all your monthly payments are minimizalized or try to pay things off before you have kids."

Currently, eligible parents can get help with the cost of raising children through the federal Canada Child Tax Benefit and the Ontario Child Care Supplement.

For more information on resources for parents please visit:
CanadianParents.com: http://www.canadianparents.com/ 
Baby and Bump Forum: http://www.babyandbump.com/ 
Family and Children's Services of Waterloo Region: http://www.facswaterloo.org/ 
Financial Services Commission of Ontario: http://www.fsco.gov.on.ca/ 
Service Canada: http://www.servicecanada.gc.ca/