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Originally Posted by CivicBlues
And with a baby on the way and presumably (one income earner losing a chunk of income), daycare expenses. I mean WTF, does everyone get an automatic raise when they announce they're pregnant?
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Some companies do top up so you don't completely lose your income. Both our jobs topped up when we had our baby, it meant I could take the 9 weeks off and help out at home while wife took 18 months(her company topped up the first 4 months).
I subsequently took a higher paying job to cover some of the lost income as well.
Quote:
Originally Posted by Tapioca
The Child Care Benefit sorta helps and a small portion of daycare fees can be tax deductible. However, the child care benefit is scaled to income, so most households buying $1M+ homes aren't really going to benefit from it much because the payments are small once income earners hit the 80K income level.
At the end of the day, one of the big reasons to pay daycare fees is to maintain/ increase your household income so that you can move up the property ladder.
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Most people, at least those who are on here probably doesn't qualify for much CCB.
Everyone does get basic daycare assistance, but it's like $200. We make too much to get any sort of "extended" assistance, which sucks.
Quote:
Originally Posted by winson604
We almost fell into the trap of going the let's buy a starter place then upgrade later. At the time we had 1 kid and had plans on having a 2nd down the road but not soon. Looked at 2 bedroom condos as a starter place but after months and months of looking decided to stretch the budget and go all in on a 3 bed townhome. Thank god we did, we have 2 now and everyone has their own room and we have enough space in theory to last us for some years to come.
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This is what we did. We got a 3 bed TH as our first home. Thank god we did. With WFH FT for the foreseeable future we could do with even more space. A 2 bed condo would be sucked.