This is another blast from the past note the date of posting (2007)
Thanks to everyone who commented on my dual income vs. single income family income discussions. That was interesting stuff, I have one more post on that, but I have to do some number crunching first, so I will hold off on that for a little while.
Stats Canada did have a very topical post last week entitled. Family Income which discusses the typical family incomes across Canada. Evidently the Median (remember we talked about what Median means in â€œWho Lives on the Median Incomeâ€ , it is the mid-point in a list of numbers) income for a family is highest in Ottawa-Gatineau (should I be proud about that?), which is $86,100, which is far higher than double the median income mentioned before (remember that Median was about $26000 ). For all families in Canada the median is $60,600 which is up 2.1% year over year.
Remember that this is a smaller data set than the generic median income data from last week (it only includes â€œfamiliesâ€, and not single folks, etc.,).
So what would happen if we gave the Publics from last week the Median income for Canada?
If there was a single income earner and her gross income was $60,600.00the family would owe:$11,914.32 in provincial and federal taxes and $2640.00 in CPP and EI payments.
If the income was split equally across the two of them they would owe a combined: $8475.42 and $3786.42 and in CPP and EI payments.
In that instance a difference in taxes of about 15.7% (not including things like daycare and such). The dual income model they are more likely to get Ontario Tax Credits as well.