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| This image is a snapshot of my chequing account activity from the last 30 days. |
Update, February 15:
Out of curiosity, I calculated my disposable income. I give up 18% of my gross income at source for RRSPs, and another 5% of income at source for employee stock purchase. What's leftover seems to qualify my family unit as an average Canadian household.
The average Canadian mortgage debt currently equals the average amount of home equity: $146 000. That surprised me, in a good way.
The average Canadian household debt is approaching $100 000. This number includes mortgages and unsecured debt. Canadian debt-to-income levels are approaching $1.50 owed for every $1 of disposable income. These numbers are on the rise. That's scary.
Mortgages are secured, and considered good debt from the bank's point of view. Interest rates are lower. Check the above figure: this segment is shown in green.
Update, February 16:
Note to self. The fixed interest rates on my car loan and adoption loan are both lower than the interest rate on my mortgage. Remain calm.
Update, February 16:
Note to self. The fixed interest rates on my car loan and adoption loan are both lower than the interest rate on my mortgage. Remain calm.
Unsecured debt, such as credit card debt and lines of credit, costs us more. Twenty-five million Canadians with debt owe an average of $25 000 each, excluding mortgages.
There are some fascinating articles on the Canadian debt problem available through the Vanier Institute of the Family.
Update, February 22:
Are SPP deductions before or after payroll taxes have been deducted from my paycheck?
Your SPP contributions through payroll deductions are made after taxes are taken out.
There are some fascinating articles on the Canadian debt problem available through the Vanier Institute of the Family.
Update, February 22:
Are SPP deductions before or after payroll taxes have been deducted from my paycheck?
Your SPP contributions through payroll deductions are made after taxes are taken out.
Update: February 23:
ESPP shares are purchased at a discount. My plan offers a 15% discount on the lower price at the beginning or end of the purchase period. An ESPP allows employees to delay paying income tax on the discount until they actually sell their shares. But wait, there's more! The stock price on the day of the purchase is called the fair market value (FMV). The difference between the FMV and the selling price is treated as a capital gain or loss, and taxed accordingly.
