05/06/2026
Owning a pet often starts as a manageable monthly expense. Around $200 a month is what most people expect, and on the surface, it fits comfortably into a typical budget.
Where it becomes more complex is outside of those regular costs. Veterinary care has been rising at 6% to 8% per year, and with only about 3.8% of pets insured, most households are paying these costs out of pocket. That means when something unexpected happens, the cost isn’t gradual, it tends to come all at once.
What tends to matter more is not the expected monthly cost, but whether there’s a buffer in place for the unexpected. About 53% of Canadians say they wouldn’t be able to cover a $1,000 emergency vet bill, even though Canadians spend over $9.3 billion annually on pet services. It’s a reminder that costs don’t always show up gradually, and most people aren’t prepared when they come all at once.
Not sure if your current budget has enough flexibility for unexpected costs?
See how we help Canadians plan with clarity at canplanfinancial.com
Source: Money.ca (2025), citing Canadian Veterinary Medical Association
