Canadian Personal Finance Blog

Dear Reader,

So as you can tell I am a mercenary bastard and will do most anything to make an extra buck or two (witness the ads plastered all over this BLOG if you are unsure of this), so let’s ask ourselves how we can put a few extra bucks in our pockets (and review a few of my initial rants):

1. Stop paying those ridiculously high banking charges (remember?)
2. Use some coupons when you shop (hey a couple of extra bucks is nothing to sneeze at)
3. Get a Credit Card that PAYS YOU to use it. PC Financial has a nice one (if you like shopping at Loblaws that is), and gives you cash. CIBC has one that pays cash as well. For heaven’s sake don’t PAY to get money back or points (like that CIBC Aeroplan Gold, only if you are a traveling salesman would that work).
4. Join Petropoints or whatever other “I give you points for shopping here” program you can find (as long as it is free). I also am a member of the CAA, so I get money back for buying gas at Sunoco
5. Stop buying those bloody “Lattes” will ya? What’s wrong with the free coffee at work!

OK, so that is the rant for the day, put YOUR money in YOUR pockets, I BEG YOU!

Seems I am on a bit of a “bender” when it comes to the Canadian tax system lately, but I have been paying taxes, employment insurance and Canada Pension Plan payments now for more than 20 years, and I don’t get much back from this. Now, I am not wishing to dip into the Employment Insurance payments I have made, but I would hope that when (or if) I retire there is a Canada Pension Plan. A really good book that discuss the Pension system is Free Parking (2nd Edition) by Alan Dickson, well worth having a read (because it is SO contrary to ALL of the other financial analysts out there). Even if you don’t agree with the contrary positions to your opinions, it is good to know what their argument is (and I am not sure that I disagree with Mr. Dickson, either).

Ottawa is abuzz with pre-Election fever, so remember, if you want the system to change NOW is your chance. Call your Member of Parliament, better still, call his or her opponent and put forth YOUR opinions. BE HEARD!!!

You can simply forward my blogs to them via e-mail (the little envelope icon at the bottom of each entry means you can e-mail it to someone in specific, so that COULD be your MP!). I don’t mind being quoted, if it changes the system.
If you don’t do something now, you don’t get to complain later!

So, we now have figured out that the Government of Canada thinks little of the “traditional family” (IMHO), so let’s just ask another interesting question.

That’s a darn good question. If we go back to our happy calculations from our last set of Blogs:

1. Assume an income of $100K (yes, I keep choosing that number because it is easy for me)
2. All we need to compare is the income of a Single Person that makes $100K and someone with a spouse, right?
3. Assume this is Ontario (the good) of course.

Well if we look at how much a single person (who doesn’t do anything with their money except LIVE), the would pay approximately: $29,952.00

That is a lot of money, no matter how you slice it eh?

OK, if we now look at a married couple where one spouse makes $100K and their spouse or live in partner do not have enough income for the Tax folks to notice, they would pay: $28,219.00

So this says to me (and I could be mistaken), that my spouse who works very hard at home is worth: $1733.00

That is real money too guys (i.e. it’s money you aren’t paying in Tax, so it is REAL money). If I get paid every two weeks, that means my spouse is worth $66.00 per pay cheque.

That is not fair, now is it? My spouse’s labors to take care of our kids, the house and keep me from killing myself is worth $66.00 every two weeks? NO! That is not right.

Again my numbers are thanks to our friends at Quicktax.