[...] summarize the email, the reader is basically stating that we’re putting making money ahead of getting the best care for our children. I guess since I fully disclose everything about my financial life, it may seem that all of our [...]

We are expecting our first child in june.My wife wants to still work fulltime as a (teacher)that pays around 42,000 a yr.My income is around 45,000 a yr.

She has the advantage of doing job share which is part-time in her company. That is what i would like her to do, but she thinks we couldnt afford it.Our rent now is $300 a mnth, plus some some bills that equal around $1000 a mnth. Her biggest thing is she wants to buy a house asap and wants to put $down.

The question is ….should my wife work full-time or job share part-time?

[...] FrugalTrader05:00 am16 Comments Permalink Last week, I answered a reader question regarding whether it was better financially for one spouse to stay at home with the kids, or for both parents … From within the answer that I put together, I mentioned the Spousal Amount, Day Care Expenses, [...]

One problem about the 7$/day daycare. You got to put your kid’s name on a waiting list before he/she is born and sometimes, you’ll still be waiting many years before you get a place.

[...] sure to take advantage of all your child care tax credits. Check out a case study that I wrote [...]

This can affect her down the road unless you have a share planned. Is it possible to take spousal RRSP conrtibutions into account (or have they already)?

[...] If you’re wondering what the numbers look like, the personal finance blog Million Dollar Journey, has crunched them for you. The article assumes two kids and one parent making $69,000 annually, and considers three scenarios: wife at home with kids full-time, wife at home with kids working part-time on weekends, and both parents working full-time with the kids in daycare. It turns out that having both parents working full-time yields more after tax income in your pocket. It probably helps that the parents live in Quebec with its heavily subsidized child care system. So I was wondering what the numbers would look like in British Columbia… [...]

We need to explore the idea of creating a private daycare for as long as we want to keep our kids home! Like said, it could be a small business with the advantages that brings… it could give the kids the opportunity to be with other kids as well… interesting!

Thanks again to all for these efforts in calculating / debating the topic!

Even from a purely financial standpoint, what about costs associated with the job. If nothing else, gasoline is so how these days that unless you work really close to home, that can be substantial over the course of a year.

Our CCTB calculations seem to come out differently. How did you calculate net income for the calculator? I used 69K – 18% RRSP contribution for scenario 1 and 58K – 18% RRSP contribution – $10,800 child care expenses for the spouse’s net income in scenario 3.

[...] Million Dollar Journey posted about the financial angle of one of the parents opting to stay at home with the kids. I only have one minor point to add to his analysis: You’ll also have to account for the Canada Child Tax Benefit (CCTB), a tax-free monthly payment made to eligible families with children under 18. The CCTB is based on your family’s net income (line 236 of your tax return), which for most people would be total income less RRSP contributions, child care expenses, loan interest deductions etc. [...]

It depends on where you live. For example in BC you could only have two (if my memory is correct) and in SK you can have up to 8 without a license.

A license is typically not needed for smaller number of kids, but it does bring a certain amount of trust to a new facilty when you just start out.

CD

It depends on your province. We found BC way easier than SK to get a daycare license. BC it consisted of a pile of paperwork and a few inspections. While SK there was also an interview process which I had to be involved with and even paperwork for me. You will also need criminal records checks and typically some sort of related education or the intent to get that education.

The pay off of getting a license is free advertising from the government (they usually have a list of places with a license) and typically you can apply for various grants to help cover some start up costs or even operating costs. For example, in SK once we got the license my wife got a $700 grant to buy/upgrade her equipment.

Typical startup costs can be cheap. I think the first daycare my wife only spent around $2000 total.

CD