Canadian Personal Finance Blog

So far we have looked at what John and Jane Q. Public’s taxes were like if they both had equal paying jobs, but today we look at what if one of them had a job that paid as much as the two combined in the previous scenario.

Being the father of 3 daughters, I naturally have chosen that Jane is a high flying executive at Generic Co. and her husband John stays home with the kids (remembering that Mary their daughter is now much younger, thanks to the correction we did yesterday). Do the Publics pay more in tax now, or less than if they both worked?

Have a look at Quicktax version of this scenario:

So the final total in this scenario is $27,661.98 owing in Federal and Provincial taxes.

Note that John got to write off the UCCB grant since he had no other income.

Tomorrow, let’s discuss what we have seen the past two days, shall we?