Incorrect- you don’t need $150k annually to manage a family with most luxuries. I’d tend to put at $65-70k annually- this is my experience for managing a family of 4.
Glad to provide more details should you so need.
Fixed-term Contract in Canada & buying Private Insurance Plan
- Thread starter thisislinh
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Glad to provide more details should you so need.
That entirely depends on how you define the word "luxuries". For example, you're realistically not going to be able to buy a house on a single salary of $65K-$70K unless you have substantial other savings.
Hahaha- now did we expect newcomers to purchase houses outright within a year of landing? Let's be realistic for Christ's sake- get a decent job, pile-on savings, have a beautiful shelter, get kids in good schools etc..This is what I would consider luxuries for most newcomers.
I'm with you. I think reasonable people don't expect to purchase a house within a year of landing. However I have run into a surprising number of immigrants who think this should be possible. And not just possible to buy something basic - but possible to buy a mansion. And on top of that they should be able to travel several times a year, send tons of money home to their families, eat out all of the time, etc. Some people really don't do their research before coming here and end up being quite depressed about the reality of the situation.
With such salary for a family of 4 in GTA, almost all saving is out of question. Why?
1. You need to count app. 25k just for renting an apartment there (or a basement).
2. So with that you have 45k for 4 people - which is 11300 per person.
3. That is app. 941 per person and month. That is not much.
4. From that you have to run your internet / cable tv bill; electricity bill (hydro) which is most of the time not included into the renting bill); communing or car gas bills; food; medicaments (if needed); purchase of cloths or other small things (like applicances); phone bills; school expenses for children
And the moment one parent is unemployed those savings that you cannot manage will hit you hard.
Also every time something bigger is needed to be purchased
Car? (and yes even it GTA, you can have a situation where your work does not have any public transport access). No way to buy a new one without borrowing money for it
Flight tickets to visit your former country? Another hole in the budget.
So yes after like 10 years on such salary in GTA you will be exactly in the same step 1 where you were.
And yes you can object that you will have a minimalistic approach (which can only last until something unexpected will happen). Then you will spend your days and night counting every cent you spend, watching as your life will pass by.
Concur wholeheartedly- to be honest, Canada isn't such an expensive place to live in as opposed to India.
Be frugal in the 1st year, upskill onself, save monies- then enjoy life as it comes. The challenge occurs when most people believe in the 'get rich quick' theory.
OK- Now please see my comments against your points. Thanks.
I just don't concur that you would need $150k for a family to live here in the 1st year !
But all you have mentioned is not luxurious. A condo with amenities such as swimming pool is pretty standard. If the condo is located near Queen's Quay in downtown, then is. Using expensive cars for work is a luxury. Children go to private schools is a luxury.
Guys, understand that we don't need 150k for a newcomer to stay happy- 65-70k CAD is more than enough for a family ! Period.
1950 x 12 = 23400 - that is very much align to my estimation of 25k per year.
Laundry room - given that washing your cloth is a pure necessity, this is just a basic standard for any bigger apartment building.
Gym - small gym is pretty much standard
Parking lots - these are wanted by many people, so again were are speaking about more of a standard for rental apartment buildings.
Swimming pool - a small swimming pool is not a miracle anymore, so a bigger building can easily afford it, without it being of too much of a luxury).
2 bedrooms rented apartment is not a condo. For that to be a condominium, you would have to be in building where apartments are individually owned.
But for sure it does sound better on a paper.
And of course later on that 2 bedroom apartment would have to be changed into 3 bedroom apartment (you do have 2 kids).
Now with your calculation it gets even better (or rather worse).
Now your salary of 50k netto is just 27800 per year for the whole family. that equals to outching 580 CAD per person and month.
That is really not much. From that you have to feed the whole family, buy cloth and other things if needed and if needed any bigger expense as well. That is not really a budget for saving.
Schools are not free in Ontario, only the basic education is free (that is until your child is a late teenager of 16-18 years). Private schools are not free at all.
But apart of going to school you would need - books and notebooks and other stuff that your child will need for education (that is the fun part of buying them at the beginning of year). Many schools charge for their school bus system. Then you have school trips or other little things, so it does add up.
Once they are 16+ and if they want to study (practically anything from trades or above), they need to pay.
And no bigger expenses (like a new appliance, holidays or others) are not an issue if you actually can create proper savings. But if you cannot those are a big headache.
Laundry room - given that washing your cloth is a pure necessity, this is just a basic standard for any bigger apartment building.
Gym - small gym is pretty much standard
Parking lots - these are wanted by many people, so again were are speaking about more of a standard for rental apartment buildings.
Swimming pool - a small swimming pool is not a miracle anymore, so a bigger building can easily afford it, without it being of too much of a luxury).
2 bedrooms rented apartment is not a condo. For that to be a condominium, you would have to be in building where apartments are individually owned.
But for sure it does sound better on a paper.
And of course later on that 2 bedroom apartment would have to be changed into 3 bedroom apartment (you do have 2 kids).
Now with your calculation it gets even better (or rather worse).
Now your salary of 50k netto is just 27800 per year for the whole family. that equals to outching 580 CAD per person and month.
That is really not much. From that you have to feed the whole family, buy cloth and other things if needed and if needed any bigger expense as well. That is not really a budget for saving.
Schools are not free in Ontario, only the basic education is free (that is until your child is a late teenager of 16-18 years). Private schools are not free at all.
But apart of going to school you would need - books and notebooks and other stuff that your child will need for education (that is the fun part of buying them at the beginning of year). Many schools charge for their school bus system. Then you have school trips or other little things, so it does add up.
Once they are 16+ and if they want to study (practically anything from trades or above), they need to pay.
And no bigger expenses (like a new appliance, holidays or others) are not an issue if you actually can create proper savings. But if you cannot those are a big headache.
Mate, rather than arguing pointlessly and annoyingly- do you know what's the difference between a condo and an apartment? Condos are what's owned by individuals to which most newcomers or otherwise Canadian residents would have access only through a REALTOR and not otherwise ! Apartments are owned by property managers and not by individuals largely, and wouldn't have ensuite laundry or any other amenities that most condos possess. I indeed live in a luxury condo, and thanks to my terrific realtor who got me one.
Re schools not free, my kids are aged 6 and 7 and I have a pretty long time before they hit 16. Most newcomers come around with kids this age or even lesser, so your point on free schooling not being a blessing doesn't hold any good. School buses are free as long as its in your catchment area.
YOU seriously need to come up with better data points to justify yourself for the aforesaid flimsy points you mention- I REITERATE again most newcomers can live happily with CAD $65k-75k in the 1st year !!!
Google Cognitive Dissonance- that's what your suffer from.
Stop whining you bigot !
Sorry, I do consider laundry as a step back, when comparing owning my own washing machine and dryer instead (which some better apartments do have).
I live in an apartment that have in the building:
Laundry room,
office room, where I can deal with all claims what needs to be fixed.
assigned handyman in order to deal with emergencies
Underground parking
Gym
There is a swimming pool behind my building, but it seems to be barely used.
That is pretty much standard for all apartment buildings around my city (and I am nowhere close to Toronto)
The only difference is that not all have underground parking, but all do have designated parking spots.
So yes your realtor sold you an average disguised as a luxury.
Do not be mistaken, some immigrants comes with older kids. Also do not be mistaken not all schools have school buses for free. Or they do not have them for free for older students.
Also school does not serve all areas.
And for sure you can live happy on 65k before taxes if you are living single and alone, but not very happy if you need to take care of 4 people at the same time. That would be a lower middle class budget.
Think you may be living in a more upscale apartment. Would consider elevators and air condoning luxuries in many apartments. Think people can live on $75K especially if they don't live in Vancouver or Toronto. Even in Toronto it is easily doable but without trips home, perhaps no car, renting an apartment where kids may have to share. Plenty of families live on that income. They just eliminate most of the extras.
Has anyone told that you're one jealous bigot? Does it take too much of comprehension to understand 24/7 air-conditioning with all amenities close to a Subway station is a terrific deal? And for 1,850 CAD its awesome as basements in Scarborough and even Brampton/Mississauga ask for 1300-1400 excluding utilities.
I just don't understand why cant you just concur that most immigrants can live happily with 65-70k (that 5500-6000 CAD per month) !
Period- please don't continue rambling on with pointless justifications.
Is toronto a good target location for new comers with no fixed work for at least the first 1-2 years?if not what are some close suggestions in gta