Comments on: Stay at Home with the Kids or Work? http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dan http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-286618 Dan Fri, 15 Oct 2010 20:53:10 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-286618 Yes, I agree with ksim. I did the math and we figured that if my wife worked part-time during the week (3 days) and put one child in a daycare during those days, then the gain we make from her work could be made instead by me working on one Saturday. That doesn't even include the fact the massive numbers of wonderful tax breaks we get when she stays home, including me claiming her $10,200 base amount. If we had 2 or 3 kids and they all went in daycare then it would make absolutely no sense at all for her to work. Hmmm... so aside from keeping up credentials in her field, why else would she work? Economically it's a whole lot of sacrifice our part for hardly any gains. Do we want to have crazy hectic lives so that we can live in some huge house in the suburbs? heck no... for now we stick with our 820 sqft bungalow with a basement suite being rented out, while saving up our money on the side, and once the kids start coming we will have a solid financial base to work from in order to allow my wife to avoid having to go to work. It frees up evenings and weekends, reduces stress, and lastly it even provides a job opening for someone else to take! For her to go to work makes NO sense. Yes, I agree with ksim. I did the math and we figured that if my wife worked part-time during the week (3 days) and put one child in a daycare during those days, then the gain we make from her work could be made instead by me working on one Saturday. That doesn’t even include the fact the massive numbers of wonderful tax breaks we get when she stays home, including me claiming her $10,200 base amount. If we had 2 or 3 kids and they all went in daycare then it would make absolutely no sense at all for her to work. Hmmm… so aside from keeping up credentials in her field, why else would she work? Economically it’s a whole lot of sacrifice our part for hardly any gains. Do we want to have crazy hectic lives so that we can live in some huge house in the suburbs? heck no… for now we stick with our 820 sqft bungalow with a basement suite being rented out, while saving up our money on the side, and once the kids start coming we will have a solid financial base to work from in order to allow my wife to avoid having to go to work. It frees up evenings and weekends, reduces stress, and lastly it even provides a job opening for someone else to take!

For her to go to work makes NO sense.

]]> By: ksim http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-286120 ksim Fri, 15 Oct 2010 04:56:10 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-286120 I was a stay at home Mom for 11 years until my youngest started grade 2. If I had to do it all over again, I wouldn't change a thing. We had one income ( my husband's ) We managed just fine. Sure we had to do without things we wanted but never did without what we needed. Our 3 kids have done better by this. Too many people want too many material things. Its amazing how you can actually save money on one income. You appreciate more in life, when your not given everything you want. You learn the value of a dollar at an early age and you work with it. I now work part-time ( 3 days a wk ) Life is good. All 3 kids now have degrees. They've done well. I was a stay at home Mom for 11 years until my youngest started grade 2. If I had to
do it all over again, I wouldn’t change a thing. We had one income ( my husband’s )
We managed just fine. Sure we had to do without things we wanted but never did
without what we needed. Our 3 kids have done better by this. Too many people want
too many material things. Its amazing how you can actually save money on one income.
You appreciate more in life, when your not given everything you want. You learn the value
of a dollar at an early age and you work with it. I now work part-time ( 3 days a wk ) Life
is good. All 3 kids now have degrees. They’ve done well.

]]> By: Financial Jungle - » Jungle Bulletin: US Dollars, Diverse Market, Child Benefits and Universal Life http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-54349 Financial Jungle - » Jungle Bulletin: US Dollars, Diverse Market, Child Benefits and Universal Life Mon, 09 Jul 2007 17:12:11 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-54349 [...] Universal Child Care benefit, and Canada Child Tax benefit. Reference MillionDollarJourney and Canadian Capitalist for more juicy [...] [...] Universal Child Care benefit, and Canada Child Tax benefit. Reference MillionDollarJourney and Canadian Capitalist for more juicy [...]

]]> By: MillionDollarJourney.com http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51847 MillionDollarJourney.com Thu, 28 Jun 2007 21:53:11 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51847 I made the same mistake for net income, i deducted taxes from it. I made the same mistake for net income, i deducted taxes from it.

]]> By: FourPillars http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51803 FourPillars Thu, 28 Jun 2007 18:34:41 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51803 You're right CC - I didn't mean to include taxes. Phil S - you are welcome to rent my dependent for short periods of time. I'll show you how to do the diaper thing. Mike You’re right CC – I didn’t mean to include taxes.

Phil S – you are welcome to rent my dependent for short periods of time. I’ll show you how to do the diaper thing.

Mike

]]> By: Phil S http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51789 Phil S Thu, 28 Jun 2007 17:25:05 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51789 Someone should start up a service where you can rent dependents just for tax season... =0) Someone should start up a service where you can rent dependents just for tax season… =0)

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51785 Canadian Capitalist Thu, 28 Jun 2007 17:08:57 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51785 Phil: You should enter your net income or gross income less RRSP contributions, child care expenses, interest loan deductions etc. Mike, a small correction. I don't think you can deduct taxes to calculate the benefit. The current government has introduced two benefits for families with children: 1) An universal credit of $100 per month (beer-and-popcorn money) 2) A child tax credit worth about $300 (I think) starting in 2007. Other than that, yes you are totally on your own. Phil: You should enter your net income or gross income less RRSP contributions, child care expenses, interest loan deductions etc. Mike, a small correction. I don’t think you can deduct taxes to calculate the benefit.

The current government has introduced two benefits for families with children:
1) An universal credit of $100 per month (beer-and-popcorn money)
2) A child tax credit worth about $300 (I think) starting in 2007.

Other than that, yes you are totally on your own.

]]> By: FourPillars http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51777 FourPillars Thu, 28 Jun 2007 16:28:16 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51777 Phil, you are supposed to enter your 'net' income which is your income - taxes - rrsp contributions. This should make a difference. Personally I think it's great that a family that makes up to about $100k or so can still get something (however small) for this benefit. Phil, you are supposed to enter your ‘net’ income which is your income – taxes – rrsp contributions. This should make a difference.

Personally I think it’s great that a family that makes up to about $100k or so can still get something (however small) for this benefit.

]]> By: Phil S http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51775 Phil S Thu, 28 Jun 2007 16:24:49 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51775 CC. Interesting link to the calculator. I'm a single guy but just for curiosity I punched in my income as if I were married with one kid and an non-working spouse ($0 income). I was rather disappointed to discover that my hypothetical wife would get a whole $2.21 a month. Yay. Basically zilch aka bupkus. I am assuming that it's because I make too much money. So, I checked to see if it made any difference if it were a common-law relationship and it was still the same. I started dropping my income down until I got a number that looked useful (like $100 a month) and had to go all the way down to $40K / yr! This is scary stuff, man! So it basically says if I had a kid, then I'm absolutely, completely and totally on my own! What's up with that? Isn't the government satisfied with the fact that I get slaughtered on my income taxes year after year? Grrr... CC. Interesting link to the calculator. I’m a single guy but just for curiosity I punched in my income as if I were married with one kid and an non-working spouse ($0 income). I was rather disappointed to discover that my hypothetical wife would get a whole $2.21 a month. Yay. Basically zilch aka bupkus.

I am assuming that it’s because I make too much money. So, I checked to see if it made any difference if it were a common-law relationship and it was still the same. I started dropping my income down until I got a number that looked useful (like $100 a month) and had to go all the way down to $40K / yr!

This is scary stuff, man! So it basically says if I had a kid, then I’m absolutely, completely and totally on my own! What’s up with that? Isn’t the government satisfied with the fact that I get slaughtered on my income taxes year after year? Grrr…

]]> By: Anjo http://www.canadiancapitalist.com/stay-at-home-with-the-kids-or-work/#comment-51772 Anjo Thu, 28 Jun 2007 16:00:34 +0000 http://www.canadiancapitalist.com/2007/06/27/stay-at-home-with-the-kids-or-work#comment-51772 To follow up on MDJ's e-mail, not only does part-time work reduce the spousal amount but also could result in a greater clawback of the Child Tax Benefit. To follow up on MDJ’s e-mail, not only does part-time work reduce the spousal amount but also could result in a greater clawback of the Child Tax Benefit.

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