Making Money on Parental Leave In Canada

  Can I make money while on Parental and Maternity leave? This is a frequent question my Canadian Budget Binder fans want to know. So, I went to Mom Expert Sarah Deveau, Author of Money Smart Mom to share the inside scoop for our fellow Canadians wanting to learn about making some extra money while they are off work caring for their new bundle(s) of joy.   Parental Leave Earnings   Here’s what Sarah has to say…. If you’ve just had a baby and are living on the reduced income of employment insurance maternity or parental leave payments, you might be wondering how to bring in extra income. If you earn income while on the maternity leave portion of the benefit (the first 15 weeks), your earnings will be deducted dollar for dollar from your benefits. If you work while you’re receiving the parental leave benefit, after the first 15 weeks, in the past you’ve been allowed to earn $75 per week or 40% of your weekly benefits, whichever is higher. Any income earned above that amount will be deducted dollar for dollar from your benefits. However, due to the new Working While on Claim (WWC) pilot project, once you have served the waiting period, if your earnings are equal […]

4 Ways To Lower Your Family’s Back To School Budget

  By: Anna Is what to buy for Back To School on your mind? Yes it’s that time again when the beautiful and blissfully relaxing summer comes to an end. The leaves start to change colour and you know it’s time for your children (or you if you’re an adult learner!) to go back to school, but at what cost? For many children, back to school usually means that they get a new outfit, new backpack, new pencil-case, new stationary, or *gasp* even a new electronic gadget!  The back to school budget can easily be busted with the rising cost of goods and inflation, and how these days, high school children want the best of everything. In fact, this year in 2012, 63% of parents plan to spend an average of $500 (Source) for the back to school budget for their children, this number is more inflated than last year likely because of the same parents polled, 40% plan to buy gadgets and electronics for their kids this year. Back to school can be a great opportunity to engage your child and teach your children about money. Here are some ways in which you can lower your family’s back to school budget […]

Why I’m A Stay At Home Parent And Our Budget Compromises

PARENTING MEANS MAKING DECISIONS THAT ARE FINANCIALLY AND EMOTIONALLY FITTING FOR THE ENTIRE FAMILY   Deciding to be a stay at home parent was very nerve-wracking process for my husband I but happy we took steps to understand it. Don’t for a second think that you are alone when trying to figure out if being a single-income family is right for you. There is no definite right or wrong answer but a couple of things you need to consider.   Lifestyle choice   Having a parent stay home full-time with the new little bundle(s) of joy is a lifestyle choice, some parents are quite happy putting their kids in daycare/in the care of family for work hours as soon as their parental leave is expired and that’s fine. Initially when I found out I was pregnant the first idea that we agreed on was that we wanted me to be a stay at home mom until our little guy was old enough to be in school part-time. And after throwing around various numbers, costs and logistics of getting to and from work/daycare, we discovered that financially it would work for us.   Money, money and more money!   Most of us are really not […]

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