Comments on: How Much Does it Cost to Have a Baby? http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/ Helping you invest and prosper Wed, 17 Mar 2010 01:46:30 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Umpa Tan http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-203773 Umpa Tan Fri, 13 Nov 2009 05:11:16 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-203773 Looks like having kids is like owning an American gas guzzling SUV. It is cheaper to control one's hormones and bank the money into a BMO Monthly Income fund and collect dividends each month. Pretty soon, you would be able to live off dividends and not work, if one controlled one's hormones and didn't have a baby. Those mouths to feed consume time away from being able to work, and money for them in various ways explained. I make only $12.00/hour but bank $20,000 a year because I eat for free going to Sikh Temples that offer excellent vegetarian food, and crashing on couches of friends. Also, taking a night security job where you can sleep in a building while getting paid is a great way to not only offset rent, but to collect a secondary income in addition to your regular 9-5. It is important to get 2 security guard jobs one working 4 days and the other 3 days, or one 2 days and other 5 days for 8 hours per day at night so you don't have to pay rent. If you get fired, you use the other reference to replenish employment with another security company, so you don't have to worry about references. Remember, though, as long as your 9-5 job remains intact, the extra security job is a side job that would not have existed anyways so it matters not if you ultimately lose it all since you would have gained income to bank until the fun ride is over. Looks like having kids is like owning an American gas guzzling SUV. It is cheaper to control one’s hormones and bank the money into a BMO Monthly Income fund and collect dividends each month. Pretty soon, you would be able to live off dividends and not work, if one controlled one’s hormones and didn’t have a baby. Those mouths to feed consume time away from being able to work, and money for them in various ways explained. I make only $12.00/hour but bank $20,000 a year because I eat for free going to Sikh Temples that offer excellent vegetarian food, and crashing on couches of friends. Also, taking a night security job where you can sleep in a building while getting paid is a great way to not only offset rent, but to collect a secondary income in addition to your regular 9-5. It is important to get 2 security guard jobs one working 4 days and the other 3 days, or one 2 days and other 5 days for 8 hours per day at night so you don’t have to pay rent. If you get fired, you use the other reference to replenish employment with another security company, so you don’t have to worry about references. Remember, though, as long as your 9-5 job remains intact, the extra security job is a side job that would not have existed anyways so it matters not if you ultimately lose it all since you would have gained income to bank until the fun ride is over.

]]> By: Friday Links | The Canadian Finance Blog http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-201610 Friday Links | The Canadian Finance Blog Fri, 16 Oct 2009 09:04:05 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-201610 [...] Canadian Capitalist asks how much does it cost to have a baby? [...] [...] Canadian Capitalist asks how much does it cost to have a baby? [...]

]]> By: TJ http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-200878 TJ Sun, 27 Sep 2009 12:25:36 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-200878 Both my parents receive OAS , CPP and GIS payments . They have no other income besides the above 3 i.e RRSP income , Investment Income , Employment icome etc . Now I was wondering if I pay them $ 7,000 a year to take care of my kid ( so that I can claim the expense ) and they also receive $ 7,000 extra each year is it worth it as although I might get a tax credit their OAS/GIS will go down because of the extra income . So basically my tax gains will be offset by their deduction in OAS/GIS . Both my parents receive OAS , CPP and GIS payments .

They have no other income besides the above 3 i.e RRSP income , Investment Income , Employment icome etc .

Now I was wondering if I pay them $ 7,000 a year to take care of my kid ( so that I can claim the expense ) and they also receive $ 7,000 extra each year is it worth it as although I might get a tax credit their OAS/GIS will go down because of the extra income .

So basically my tax gains will be offset by their deduction in OAS/GIS .

]]> By: The cost of harmonization | Income Trust | Personal Finance | Real Estate SEO http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-186619 The cost of harmonization | Income Trust | Personal Finance | Real Estate SEO Wed, 25 Mar 2009 15:32:20 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-186619 [...] How Much Does it Cost to Have a Baby? [...] [...] How Much Does it Cost to Have a Baby? [...]

]]> By: Child Savings and Investment | Loanio http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-170653 Child Savings and Investment | Loanio Thu, 27 Nov 2008 10:04:15 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-170653 [...] Having children is not a cheap proposition these days, especially when you consider long term costs. The older your children become, the more they are going to end up costing in the long run. High education prices, for example, continue to soar making it nearly impossible for you to put your children through school. The housing market is also becoming nearly impossible. All of these things seem really far ahead when your child is young, but if you do not start saving up now you may find yourself really short in terms of capital and income when you finally do need the money to get things going. [...] [...] Having children is not a cheap proposition these days, especially when you consider long term costs. The older your children become, the more they are going to end up costing in the long run. High education prices, for example, continue to soar making it nearly impossible for you to put your children through school. The housing market is also becoming nearly impossible. All of these things seem really far ahead when your child is young, but if you do not start saving up now you may find yourself really short in terms of capital and income when you finally do need the money to get things going. [...]

]]> By: Rylan http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-161554 Rylan Sat, 18 Oct 2008 07:24:58 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-161554 This article is a thoughtless joke. Anyone who has responded to it is also a fool. Myself included. This article is a thoughtless joke. Anyone who has responded to it is also a fool. Myself included.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-86652 Canadian Capitalist Tue, 27 Nov 2007 17:37:09 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-86652 New Mommy: I didn't know that grandparents do not qualify as caregiver if they live under the same roof. Can you point me to where you found this information? This form from CRA makes no mention that you can't pay grandparents: <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t778/t778-06e.pdf" rel="nofollow">Link</a> New Mommy: I didn’t know that grandparents do not qualify as caregiver if they live under the same roof. Can you point me to where you found this information? This form from CRA makes no mention that you can’t pay grandparents:

Link

]]> By: New Mommy http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-86631 New Mommy Tue, 27 Nov 2007 16:41:38 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-86631 I don't understand how GTA is able to "pay" jis parents for childcare to create a tax deduction. The tax guidelines are very clear that a parent living under the same roof does not qualify as a caregiver (as most family member do not) I don’t understand how GTA is able to “pay” jis parents for childcare to create a tax deduction. The tax guidelines are very clear that a parent living under the same roof does not qualify as a caregiver (as most family member do not)

]]> By: helena http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-49174 helena Fri, 22 Jun 2007 09:58:02 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-49174 That's a very useful piece of information. I'm gonna be married soon and a baby is in my plans. It is rather expensive to have a baby today, isn't it? And I want to calculate all the expenses going for a wedding party as well. Welcome to my blog, too, where you can also find information about life and finances. That’s a very useful piece of information. I’m gonna be married soon and a baby is in my plans. It is rather expensive to have a baby today, isn’t it? And I want to calculate all the expenses going for a wedding party as well. Welcome to my blog, too, where you can also find information about life and finances.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/how-much-does-it-cost-to-have-a-baby/#comment-48566 Canadian Capitalist Wed, 20 Jun 2007 22:39:08 +0000 http://www.canadiancapitalist.com/2007/06/14/how-much-does-it-cost-to-have-a-baby#comment-48566 I've heard of heated changing tables (apparently it is a best seller created by an ex-tech. worker who told that local newspaper that high-tech changes every year but the jolly jumper has remained the same for 30 or 40 years. I suppose he has a point), so come to think of it why not a heated baby wipes. I'll agree with Mike about diaper genie. Better to get one :) GTA - I don't see how you can profit with a RESP, which is intended to help you save for your child's education. You have to return the grants + pay a 20% penalty + pay tax at your marginal rate. I don't see how you'll benefit if your child doesn't go to school. I’ve heard of heated changing tables (apparently it is a best seller created by an ex-tech. worker who told that local newspaper that high-tech changes every year but the jolly jumper has remained the same for 30 or 40 years. I suppose he has a point), so come to think of it why not a heated baby wipes. I’ll agree with Mike about diaper genie. Better to get one :)

GTA – I don’t see how you can profit with a RESP, which is intended to help you save for your child’s education. You have to return the grants + pay a 20% penalty + pay tax at your marginal rate. I don’t see how you’ll benefit if your child doesn’t go to school.

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