wife's part-time income
My dh makes about 70,000 and we get about 1200 a year for our Child Tax benefit.
If I were to make say, another 8,000 -9,000 a year, how much would we get hit taxwise? I figure i'd lose the CTB, unless I put all that extra income into an dh's spousal RRSP. But then there are taxes to consider. It sounds like unless I make a real income, say 40K-50K, it's not worth the trouble to work.
Btw, the kids are too old for daycare. Ages 11 and 13.
I know we had a thread on this before, but I can't find it.
Thanks.
If I were to make say, another 8,000 -9,000 a year, how much would we get hit taxwise? I figure i'd lose the CTB, unless I put all that extra income into an dh's spousal RRSP. But then there are taxes to consider. It sounds like unless I make a real income, say 40K-50K, it's not worth the trouble to work.
Btw, the kids are too old for daycare. Ages 11 and 13.
I know we had a thread on this before, but I can't find it.
Thanks.
Quote:
Originally Posted by Sandie5 My dh makes about 60,000 and we get about 1200 a year for our Child Tax benefit. If I were to make say, another 8,000 -9,000 a year, how much would we get hit taxwise? I figure i'd lose the CTB, unless I put all that extra income into an dh's spousal RRSP. But then there are taxes to consider. It sounds like unless I make a real income, say 40K-50K, it's not worth the trouble to work. Btw, the kids are too old for daycare. Ages 11 and 13. I know we had a thread on this before, but I can't find it. Thanks. |
thanks
Quote:
Originally Posted by mcewen call me stupid... what is dh??? thanks |
Sorry, I forgot where I am. Dh is dear husband, dw is dear wife etc. Dbil is dear brother in law, etc.
dhw=desperate housewife
Quote:
Originally Posted by Sandie5 My dh makes about 70,000 and we get about 1200 a year for our Child Tax benefit. If I were to make say, another 8,000 -9,000 a year, how much would we get hit taxwise? I figure i'd lose the CTB, unless I put all that extra income into an dh's spousal RRSP. But then there are taxes to consider. It sounds like unless I make a real income, say 40K-50K, it's not worth the trouble to work. Btw, the kids are too old for daycare. Ages 11 and 13. I know we had a thread on this before, but I can't find it. Thanks. |
At the very least I wouldn't be inclined to work outside the home for that amount of money. If you want to earn that amount of money, find something you can do online and work from home. Check out forums.digitalpoint.com for a gazillion folks running websites from home and earning money doing so.
With $8-9k per year, your husband would lose the deduction for you. Try plugging numbers into one of the online tax programs to see the exact effects. I think it'll be around $1500 your husband would lose, but I'm using rough numbers to get that.
Shouldn't affect your CTB all that much, you can play with this calculator to see;
CTB
Shouldn't affect your CTB all that much, you can play with this calculator to see;
CTB
Quote:
Originally Posted by Bullseye With $8-9k per year, your husband would lose the deduction for you. Try plugging numbers into one of the online tax programs to see the exact effects. I think it'll be around $1500 your husband would lose, but I'm using rough numbers to get that. Shouldn't affect your CTB all that much, you can play with this calculator to see; CTB |
Btw, the work I'm referring to is driving a school bus. It pays about $48 a day - so about $8,500 a year. A lot of trouble for little payback.
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