A Single Rant
I've been doing a bit of thinking about my single life recently. Two things precipitated this thinking: 1) the soaring real estate prices in Calgary and 2) doing my taxes.
I need to preface my remarks by saying I do love being single and I don't want to change my status. I am just venting.
For those of you outside of Calgary, the real estate market here is out of control. Houses have gone up 30% in value in the past few months, and people are scrambling to get into the market. I'm not in the market. Nor do I think I'll ever get into the market here. The average house price in Calgary is $363,370, which is $10,000 higher than Toronto. If I had a partner, I could get into the market, as I could afford a $150,000 mortgage ( x 2). But you can't get a cave-house in Calgary for $150,000. So, partnerless, I continue to rent.
Then I was doing my taxes and a thought struck me. I wonder if two income families pay the same tax as I do? So I went hunting for a tax calculator, found one, and discovered the worst. If I earn $60,000 (before tax), I pay $15,788 in taxes in Alberta. In a two income family, if one person earns $40,000 and one earns $20,000, they pay the following taxes: $9,310 on the $40k, and $$3,047 on the $20k. That's $12,357 total or $3,431 less than me. And that doesn't take into account the additional tax savings the $40,000 earner could realize by contributing to spousal RSPs in addition to her/his own.
Sigh. To add insult to injury I found out that the average after-tax family income in Alberta is $64,900. I'd have to earn about $91,500/year to realize that.
I guess that's the Alberta Advantage - but only for couples.
I've been doing a bit of thinking about my single life recently. Two things precipitated this thinking: 1) the soaring real estate prices in Calgary and 2) doing my taxes.
I need to preface my remarks by saying I do love being single and I don't want to change my status. I am just venting.
For those of you outside of Calgary, the real estate market here is out of control. Houses have gone up 30% in value in the past few months, and people are scrambling to get into the market. I'm not in the market. Nor do I think I'll ever get into the market here. The average house price in Calgary is $363,370, which is $10,000 higher than Toronto. If I had a partner, I could get into the market, as I could afford a $150,000 mortgage ( x 2). But you can't get a cave-house in Calgary for $150,000. So, partnerless, I continue to rent.
Then I was doing my taxes and a thought struck me. I wonder if two income families pay the same tax as I do? So I went hunting for a tax calculator, found one, and discovered the worst. If I earn $60,000 (before tax), I pay $15,788 in taxes in Alberta. In a two income family, if one person earns $40,000 and one earns $20,000, they pay the following taxes: $9,310 on the $40k, and $$3,047 on the $20k. That's $12,357 total or $3,431 less than me. And that doesn't take into account the additional tax savings the $40,000 earner could realize by contributing to spousal RSPs in addition to her/his own.
Sigh. To add insult to injury I found out that the average after-tax family income in Alberta is $64,900. I'd have to earn about $91,500/year to realize that.
I guess that's the Alberta Advantage - but only for couples.
Comments
could be one of those arrangements of convenience things. we'd both save a few bucks!
Being a golddigger? mmmm If it is a mutual agreement, why not?